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2008 (8) TMI 507 - HC - Income TaxPurchase of Immovable Property by Central Government- The petitioner has challenged an order dated February 23, 1993, passed under section 269UD(1) of the Income-tax Act, 1961 (for short "the ITA") and an order section 269UE(2) of the Income-tax Act dated March 4, 1993, thereby holding that the apparent consideration shown by the transferor/transferee in Form No. 37-I of the Income-tax Rules has been grossly understated and, therefore, subjected the said property for preemptive purchase at the consideration of Rs. 20,67,500 (-) 1,07,043 = 19,60,456 and, therefore, directed the transferee to hand over the possession. Held that- the comparative transaction was not considered by the Appropriate Authority properly. There was no material placed on record to determine the fair market value and to arrive at such a conclusion. The Department had also failed to discharge its onus of establishing that the undervaluation was with a view to evade taxes. The order of pre-emptive purchase was not valid.
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