Law:

Section:

Section 269C of the Income-tax Act, 1961 - Acquisition of immovable properties - Proceedings for - Owners of a property sold the same to respondent for certain consideration - Departmental valuer determined its fair market value which exceeded declared consideration by more than 25 per cent - IAC initiated proceedings for acquisition of said property under section 269C - Assessee submitted said premises were very old and owned by several co-owners and let out to tenants, who in turn had sublet it to sub-tenants and were directly collecting rent from them - IAC rejected these contentions and passed acquisition orders - On appeal, Tribunal set aside IAC's orders - Whether valuation of said property as declared by assessee was rightly accepted by Tribunal - Held, yes Section 269H of the Income-tax Act, 1961 - Acquisition of immovable properties - Appeal to High Court - Whether even though, on facts, it is possible to arrive at a different conclusion than that reached by Tribunal, High Court will not do so in appeal unless Tribunal's decision was perverse or based on no relevant evidence - Held, yes Facts The owners of an undivided one-fifth share of certain premises conveyed the said property by a deed of conveyance executed and registered on 7-9-1977, to the respondent for a consideration of Rs. 90,000. The competent authority, by a notice initiated proceedings for acquisition of the said property under section 2690. Prior to the issue of the notice, the departmental Valuation Officer had submitted a report that the fair market value of the said property exceeded the declared consideration by more than 25 per cent. The respondent objected to the proceedings before the IAC submitting that the said premises being very old, were owned by several co-owners, while a part of the property had been let out under long-term basis with permission to sublet and option for renewal, and that the tenants in the property had sublet portions in their occupation to others without surrendering their own tenancy and were directly collecting the rent. The IAC held that the fair market value of the said property determined by the departmental valuer on the basis of actual rents…

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