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2015 (9) TMI 860 - SC - Income TaxFixing the value of PUC - SCN issued stating that discounted value of apparent consideration would be ₹ 69,00,000/- (Rs. 80,00,000/- minus ₹ 11,00,000/- being the amount it was undervalued by pre-emptive Purchase order of immovable property of Respondents) was passed under section 269UD(I) for a net consideration of ₹ 69 lakh on 23.02.1995 as property value was undervalued by more than 15% - Held that:- We find from the judgment of the High Court [2005 (11) TMI 51 - BOMBAY High Court ] while quashing the aforesaid action of the Revenue, that the High Court has come to a categorical finding that there were lots of dissimilarities between Sale Instance Property (SIP) and Property Under Consideration (PUC). These are stated in detail in the judgment and on that basis finding of fact has been arrived at. After taking note of those dissimilarities the High Court relied upon the judgment of this Court in CB Gautam vs. Union of India reported [1992 (11) TMI 1 - SUPREME Court ] and held that the instance to the property that was taken could not be the basis of fixing the value of PUC and consequently for taking action under Section 269 UD(I) of the Income Tax Act. Since these are findings of fact arrived at by the High Court which are based on the material on record, we do not find any reason to interfere with that decision.
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