Law: Income Tax Act, 1961

Section: 269

Income-tax----Acquisition of immovable property---Circular No.455, dated 16-5-1986 of Central Board of Direct Taxes declaring that proceedings not to be initiated where apparent consideration for transfer of property is Rs.5 lakhs or less---Proceedings initiated and notice issued under S.269-D---Circular applicable to such proceedings---Indian Income Tax Act, 1961, Ss.269-C & 269-D---Circular No.455, dated 16-5-1986. Under Circular No.455, dated May 16, 1986, issued by the Central Board of Direct Taxes acquisition proceedings will not be initiated under section 269-C of the Income Tax Act, 1961, in respect of immovable property if the apparent consideration for the transfer of the said property is Rs.5 lakhs or less and when the acquisition proceedings have been initiated by issue of notice under section 269-D, in such cases the acquisition proceedings will have to be dropped. CIT v. Gobind Ram (1996) 221 ITR 892 (P & H) and CIT v. Export India Corporation (P.) Ltd. (1996) 219 ITR 461 (P & H) applied. JUDGMENT G.S. SINGHVI, J.--Although these appeals filed under section 269 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 1980 are directed against the order, dated July 21, 1980, passed by the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar, whereby the Tribunal accepted the appeals filed by the respondents and quashed the orders passed by the competent authority for acquisition of their properties. Appeal No. l of 1981 is directed against the order, dated November 7, 1979, passed by the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar, in favour of the respondent-Hardev Singh whereby the order of acquisition passed by the competent authority has been quashed. Appeal No.7 of 1981 is directed against the order, dated January 31, 1981, passed by the Tribunal whereby it accepted the appeal filed by…

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