Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2002 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2002 (7) TMI 33 - MADRAS HIGH COURTThe competent authority, notified by the Central Government under the provisions of Chapter XX-A of the Income-tax Act, 1961, initiated proceedings for acquisition of the property and the publication of notice in the Official Gazette was made under section 269D(1) of the Act, dated January 4, 1996. The competent authority was of the opinion, that the value of the property was understated and, therefore, he initiated the proceedings for the acquisition of the property. The competent authority, after hearing the parties, passed separate orders acquiring the properties covered in the instrument of transfer. - there was no evidence to show that the extra consideration was passed. In the absence of any material before the competent authority to form a reasonable belief that there was an ulterior motive of tax evasion or concealment of income-tax due to untrue statement of the apparent consideration in the instrument of transfer, we hold that the order of the Appellate Tribunal quashing the acquisition proceedings does not call for interference. Accordingly, we dismiss the appeal preferred by the Revenue, confirming the orders of the Appellate Tribunal. - In the result, the appeal filed by the Revenue fails
|