TMI Blog1995 (3) TMI 149X X X X Extracts X X X X X X X X Extracts X X X X ..... and building at Kadavanthra the value of which was shown in the deed at Rs. 2,88,000 whereas in the proceedings under s. 269C the same was valued at Rs. 3,14,600. In the course of search under s. 132, the actual payment was found to be Rs. 3,88,000. The order under s. 269C was set aside by the Tribunal on the ground that the market value was only Rs. 3,14,600. The GTO was of the view that since ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 600 was subsequently enhanced by the Superintending Engineer of the valuation cell to Rs. 3,84,844. By its order, dt. 17th Dec., 1983 in IT (Acqn.) A. No. 1/Coch/1983 the Tribunal has held as under: "The competent authority had got the property valued by the Executive Engineer of the valuation cell. In his report, dt. 2nd May, 1980, he valued the property at Rs. 3,14,629. This was made up of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inadequate consideration, things done under dire need cannot be brought within the meaning of gift or deemed gift—a horse for a kingdom. Further, this is not a case where the transfer of the property was made by the assessee; she is only a purchaser of the property— transferee—she has paid for this purchase in a sum of Rs. 3,88,000. Thus, this is not a case without consideration. It is not the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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