Law:

Section:

Acquisition of immovable properties cannot be based exclu- sively upon report of Government Valuation Officer Section 269F, read with section 269C, of the Income-tax Act, 1961 - Acquisition of immovable properties - Order for acquisition - Whether acquisition of immovable properties cannot be based exclusively upon report of Government Valuation Officer (GVO) - Held, yes - Deputy Commissioner (Acquisition) having noticed that one K had transferred her certain land for an apparent consideration of Rs. 46,80,906, had referred matter to GVO, who determined fair market value of the land at Rs. 83,83,900 - Thereafter, Deputy Commissioner served notices under section 269(1) upon transferor and transferee - Tribunal found that Deputy Commissioner of Income-tax determined rates on basis of valuation determined by GVO in other two cases - In these two matters proceedings were dropped by competent authority itself - Tribunal further found that competent authority recorded its satisfaction in view of provisions contained in sections 269C and 269F(6) yet, there was no specific order for acquisition of property under consideration and released property under acquisition - Whether once matters on basis of which orders were passed in the instant case by Deputy Commissioner, were dropped, very basis of impugned order challenged before Tribunal ceased to exist - Held, yes - Whether in view of findings of Tribunal, there was no illegality or infirmity in order passed by Tribunal - Held, yes CASE REFERRED TO CIT v. Unitech Builder (P.) Ltd. [Appeal No. 1 of 1990] [Para 1]. A.S. Tewatia for the Appellant. JUDGMENT V.K. Bali, J. - By this common order, we propose to dispose of six connected income-tax appeals bearing Nos. 1 to 6 of 1990, as common questions of law and fact are involved in all these appeals. The bare minimum facts that need a necessary mention here, however, have been extracted from CIT v. Unitech Builder (P.) Ltd. [Appeal No. 1 of 1990]. 2. This appeal has been filed under section 269H of the Income-tax Act, 1961 ('the Act'), against the order of the Income-tax Appellate Tribunal, Delhi Branch "A", New Delhi, whereby the property under acquisition has been released…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492