Law:

Section:

Section 269H of the Income-tax Act, 1961 - Acquisition of immovable properties - Appeals to High Court - Whether no appeal under section 269H to High Court is permissible on question of fact - Held, Yes.- Competent authority taking a view that property in question was sold by transferor to transferee for an apparent consideration which was less than fair market value of property passed an order for acquisition of property under chapter XX-A - On appeal, Tribunal however, on basis of material on record, held that apparent consideration shown in transfer sale deed was fair market value of property and as such provision of Chapter XX-A could not be applied - Whether in absence of valuation officer, it was open to Tribunal to weigh pros and cons and come to its own conclusion on question of fair market value of property - Held, yes - Whether since valuation officer was not produced before, Tribunal, Department was not emitted to produce valuation officer before this court as jurisdiction of this court was confined to question of law only - Held, yes - Whether, in agoresaid circumstances, it could be concluded that instant appeal did not involve any question of law, as such it was not maintainable - Held, yes FACTS The competent authority, had received an information about sale of property in question. After obtaining the report of the official valuer, the competent authority initiated proceedings and issued notice to the transferor and the transferee as well as to the tenant occupying the house to show cause as to why the property should not be acquired under the provisions of Chapter XX-A. The notice was issued as the competent authority had reason to believe that the property was sold by the transferor to the transferee for an apparent consideration which was less than the fair market value of the property and the consideration for such transfer as agreed to between the parties was not truly stated in the instrument of transfer with the object of facilitating evasion of liability of the transferor to pay tax in respect of the income arising from the transfer by the transferor for the purpose of income-tax. The transferor and the transferee both appeared and filed…

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