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1 - 7 of 7 (0.21 seconds)Section 269UC in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
C.B. Gautam vs Union Of India & Ors on 17 November, 1992
Such a imputation cannot be made mechanically without due regard to the explanation of the affected parties. The presumption of undervaluation in case of undervaluation of 15 per cent. or more being a rebuttable one, the evidence led by the intending seller or purchaser assumes great importance. The observations of the Supreme Court in C. B. Gautam's case [1993] 199 ITR 530 to the effect that having regard to the limited time frame enquiry pursuant to the explanation of the seller or the purchaser might be a somewhat limited one or a summary one cannot be construed to confer power on the appropriate authority to pass an order without carefully considering the facts and circumstances set out by the intending seller or purchaser and analysing the comparable cases cited by such persons. However, in the instance case, even that question would not arise as evidently the apparent consideration is not lower than 15 per cent. of the fair market value.
Section 269UB in The Income Tax Act, 1961 [Entire Act]
The Transfer Of Property Act, 1882
Section 354A in The Mumbai Municipal Corporation Act, 1888 [Entire Act]
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