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2015 (9) TMI 860 - SUPREME COURT

2015 (9) TMI 860 - SUPREME COURT - TMI - Fixing 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 H .....

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n 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. - Civil Appeal No(s). 3833/2007 - Dated:- 24-7-2015 - MR. A.K. SIKRI AND MR. ROHINTON FALI .....

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tional Highway on a hilltop and consideration was ₹ 80,00,000/- of which development rights (for 7 acres) were given to Respondent 6. Form No. 37-I was filed on 28.11.1994 with a copy of the agreement pursuant to which the appropriate authority called for details on 14.12.1994. Show cause notice was issued under Section 269UD(I) to both Respondent 1 and 6 on 9.2.1995 stating that discounted value of apparent consideration would be ₹ 69,00,000/- (Rs. 80,00,000/- minus ₹ 11,00,00 .....

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