TMI Blog1996 (11) TMI 53X X X X Extracts X X X X X X X X Extracts X X X X ..... H of the Income-tax Act, 1961, are directed against different orders passed by the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar, in view of the judgment of this court in CIT v. Export India Corporation (P.) Ltd. [1996] 219 ITR 461, and some other orders passed by this court, to which reference will be made hereafter, we are deciding them by a common order. Appeals Nos. 7, 8 and 9 of 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions of the Act of 1961 have been amended. Chapter XX-A has been deleted and Chapter XX-C has been added therein. At the same time, the Central Board of Direct Taxes issued Circular No. 455, dated May 16, 1986, and declared that acquisition proceedings will not be initiated under section 269C in respect of an immovable property if the apparent consideration for transfer of the said property is Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1982 (see [1996] 221 ITR 892), vide its order dated May 6, 1996, the Division Bench has independently examined the issue and held that the object with which the circular dated May 16, 1986, has been issued deserves to be applied to the cases in which appeals have been filed by the Department. In all these appeals, it is not in dispute that the apparent value of the properties sought to be acquir ..... X X X X Extracts X X X X X X X X Extracts X X X X
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