Court : Mumbai
Reported in : [1986]162ITR697(Bom)
..... reduction or evasion of the liability of the transferor to pay tax under this act in respect of any income arising from the transfer; or (b) facilitating the concealment of any income or any moneys or other assets which have not been or which ought to be disclosed by the transferee for the purposes of the indian income-tax act, 1922 (11 of 1922), or this act or the wealth-tax act, 1957 (27 of 1957), the competent authority may, subject to the provisions of this chapter, initiate proceedings for the acquisition of such property under this chapter ..... both these sections are in chapter xx-a entitled 'acquisition of immovable properties in certain cases of transfer to counteract evasion of tax', and introduced in the act by the taxation laws (amendment) act, 1972. ..... the expiration of a period of nine months from the end of the month in which the instrument of transfer in respect of such property is registered under the registration act, 1908 (16 of 1908) : provided further that - (a) in a case where it is determined under sub-section(4) of section 269b by the competent authority who has initiated proceedings for the acquisition of any immovable property under this chapter or by the board that such competent authority has no jurisdiction to initiate such proceedings, the competent authority having .....
Tag this Judgment!Court : Kolkata
Reported in : [1978]112ITR111(Cal)
..... of chapter xxa of the income-tax act, 1961 (43 of 1961), have been recorded by me;now, therefore, in pursuance of section 269c, i hereby initiate proceedings for the acquisition of the aforesaid property by the issue of thisnotice under sub-section (1) of section 269d of the income-tax act, 1961 (43 of 1961 ..... of the liability of the transferor to pay tax under the income-tax act, 1961 (43 of 1961), in respect of any income arising from the transfer; and/or (b) facilitating the concealment of any income or any moneys or other assets which have not been or which ought to be disclosed by the transferee for the purposes of the indian income-tax act, 1922 (11 of 1922), or the income-tax act, 1961 (43 of 1961), or the wealth-tax act, 1957 (27 of 1957); and whereas the reasons for initiating proceedings for the acquisition of the aforesaid property in terms ..... the heading of the chapter is as follows :' acquisition of immovable properties in certain cases of transfer to counteract evasion of tax.'9. .....
Tag this Judgment!Court : Mumbai
Reported in : (1980)16CTR(Bom)315; [1980]126ITR1(Bom); [1980]3TAXMAN541(Bom)
..... the liability of the transferor to pay tax under this act in respect of any income arising from the transfer; or (b) facilitating the concealment of any income or any moneys or other assets, which have not been nr which ought to be disclosed by the transferee for the purposes of the indian income-tax act, 1922 (11 of 1922), or this act or the wealth-tax act, 1957 (27 of 1957), the competent authority may, subject to the provisions of this chapter, initiate proceedings for the acquisition of such property ..... is transferred by a holding company to its subsidiary company, or by a subsidiary company to its holding company, then, if the conditions of clause (iv) or, as the case may be, of clause (v) of section 47 are satisfied, the actual cost of the transferred capital asset to the transferee company shall be taken to be the same as it would have been if the transferor company had continued to hold the capital asset for the purposes of ..... property in certain cases of transfer and the acquisition is to be made to counteract evasion of ..... asset is transferred by a holding company to its subsidiary company or by a subsidiary company to its holding company,then, if the conditions of clause (iv), or, as the case may be, of clause (v) of section 47, are satisfied, the written down value of the transferred capital asset to the transferee company shall be taken to be the same as it would have been if the transferor company had continued to hold the capital asset for the purposes of .....
Tag this Judgment!Court : Gujarat
Reported in : [1980]126ITR1(Guj)
..... reduction or evasion of the liability of the transferor to pay tax under this act in respect of any income arising from the transfer ; or (b) facilitating the concealment of any income or any moneys or other assets, which have not been or which ought to be disclosed by the transferee for the purposes of the indian income-tax act, 1922 (11 of 1922), or this act or the wealth-tax act, 1957 (27 of 1957), the competent authority may, subject to the provisions of this chapter, initiate proceedings for the acquisition of such property under this chapter ..... sub-section (6) of section 43 defines ' written down value ' to mean :' (a) in the case of assets acquired in the previous year the actual cost to the assessee ; (b) in the case of assets acquired before the previous year, the actual cost to the assessee less all depreciation actually allowed to him under this act, or under the indian income-tax act, 1922 (11 of 1922), or any act repealed by that act, or under any executive orders issued when the indian income-tax act, 1886 (2 of 1886) was in force ......... : ' 18. ..... :' capital assets, as defined in section 2(4a) is ' property of any kind held by an assessee whether or not connected with his business, profession or vocation' with the exception of certain specific items as are specified in the said definition. ..... this chapter deals with acquisition of immovable property in certain cases of transfer and the acquisition is to be made to counteract evasion of tax. .....
Tag this Judgment!Court : Allahabad
Reported in : [1977]107ITR796(All)
..... reduction or evasion of the liability of the transferor to pay tax under this act in respect of any income arising from the transfer; or (b) facilitating the concealment of any income or any moneys or other assets which have not been or which ought to be disclosed by the transferee for the purposes of the indian income-tax act, 1922, or this act or the wealth-tax act, 1957, the compentent authority may, subject to the provisions of this chapter, initiate proceedings for the acquisition of such property under this chapter: provided ..... (1) objections against the acquisition of the immovable property in respect of which a notice has been published in the official gazette under sub-section (1) of section 269d may be made- (a) by the transferor or the transferee or any other person referred to in clause (a) of sub-section (2) of that section, within a period of forty-five days from the date of such publication or a period of thirty days from the date of service of notice on such person under the said clause, whichever period expires later; (b) by any other ..... it provides for the acquisition of immovable properties in certain cases of transfer to counteract the evasion of tax. ..... to show that the competent authority had not applied its mind and had issued the impugned notice mechanically, a photostat copy of the notice under section 269d(1) has been annexed to the writ petition and the original notice has also been produced before us. .....
Tag this Judgment!Court : Mumbai
Reported in : (1982)26CTR(Bom)286; [1983]142ITR402(Bom); [1982]8TAXMAN283(Bom)
..... reduction or evasion of the liability of the transferor to pay tax under this act in respect of any income arising from the transfer; or (b) facilitating the concealment of any income or any moneys or other assets which have not been or which ought to be disclosed by the transferee for the purposed of the indian income-tax act, 1922 (11 of 1922), or this act or the wealth-tax act, 1957 (27 of 1957), the competent authority may, subject to the provisions of this chapter, initiate proceedings for the acquisition of such property under this chapter ..... the chapter purports to deal with acquisition of immovable properties in certain cases of transfer to counteract the evasion of tax. ..... section 54 of the transfer of property act provides that sale is a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised. ..... the object of this section is to decide which of two or more registered instruments in respect of the same property is to have effect. ..... the said section is as follows :'(1) where the competent authority has reason to believe that any improvable property of fair marker value exceeding twenty-five thousand rupees has been transferred by a person (hereafter in this chapter referred to as the transferor) to another person (hereafter in this chapter referred to as the transferor) for an apparent consideration which is less than the fair marker value of the property and that the consideration for such transfer as agreed to between the parties .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1995)52ITD39(Mum.)
..... but he had not executed any registered sale deeds in favour of the vendees : held, that the value of the properties were to be included in the net wealth of the assessee for the purpose of assessment to wealth-tax as they were assets belonging to him within the meaning of section 2(m) of the wealth-tax act, 1957. ..... it is also the case of the assessee before the wealth-tax officer that under the said act, it was not necessary to register the sale/transfer deed in order to pass on ownership to the transferee.however, the department was of the view that in the case of immovable property, the ownership will change hands only when the transfer document is registered and not till then. ..... therefore, even for determination of the question of wealth-tax liability in our humble opinion one has to determine to whom the assets belong with reference to a particular valuation date. ..... in that case also the assessee, the nizam of hyderabad, had received full consideration for certain immovable properties from the purchasers but he had not executed any registered sale deeds in favour of the vendees. ..... once it is established that the house from which appellant was sought to be evicted was purchased by the landlady on july 27, 1974, and the application for release of accommodation was made by the landlady on september 10, 1977, it was certainly, made after a lapse of three years from the date of the purchase and the proviso would not be attracted. .....
Tag this Judgment!Court : Chennai
Reported in : (1997)140CTR(Mad)384; [1997]226ITR680(Mad)
..... reduction or evasion of the liability of the transferor to pay tax under this act in respect of any income arising from the transfer; or (b) facilitating the concealment of any income or any moneys or other assets which have not been or which ought to be disclosed by the transferee for the purposes of the indian income-tax act, 1922 (11 of 1922), or this act or the wealth-tax act, 1957 (27 of 1957), the competent authority may, subject to the provisions of this chapter, initiate proceedings for the acquisition of such property under this chapter ..... they provide for the acquisition of immovable property in certain cases of transfer to counteract evasion of tax. ..... accordingly, estate duty paid cannot be treated as part of the cost of acquisition as defined in section 55(2) of the income-tax act, 1961. ..... 'apparent consideration' in relation to any immovable property transferred, being immovable property of the nature referred to in sub-clause (i) of clause (e) has been defined in section 269a(a) of the act as meaning 'the consideration for such transfer as specified in the instrument of transfer'. 14. ..... chapter xx-a of the act consists of 19 sections (section 269a to section 269s), which was inserted in the act by the taxation laws (amendment) act, 1972, with effect from november 15, 1972. .....
Tag this Judgment!Court : Kolkata
Reported in : (1982)1CompLJ52(Cal),[1981]131ITR578(Cal)
..... liability of the transferor to pay tax under this act in respect of any income arising from the transfer; or (b) facilitating the concealment of any income or any moneys or other assets which have not been or which ought to be disclosed by the transferee for the purposes of the indian income-tax act, 1922 (11 of 1922), or this act or the wealth-tax act, 1957 (27 of 1957); the competent authority may, subject to the provisions of this chapter, initiate proceedings for the acquisition of such property ..... properties in certain cases of transfer to counteract the evasion of tax ..... if the contention of the revenue that the stage when the competent authority forms his belief under sub-section (1) is a proceeding within the meaning of the expression 'any proceeding under this chapter' occurring in sub-section (2), is accepted, then such belief of the competent authority will be conclusive proof that the consideration as agreed to between the parties has not been truly stated in ..... section (1) of section 269c, before initiating proceedings for the acquisition of any immovable property which has been transferred, the competent authority must have reason to believe in regard to four matters, namely, (i) the immovable property ..... under clause (a) of sub-section (2) of section 269c, if the fair market value of the property exceeds the apparent consideration by more than 25% of the apparent consideration, it shall be conclusive proof that the consideration for such transfer as agreed to between the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1994)48ITD26(Pune.)
..... , consideration for such transfer has not been truly stated in the instrument of transfer, the object of such understatement is (a) facilitating the reduction or evasion of the liability of the transferor to pay the tax under the income-tax act in respect of any income arising from the transfer; (b) facilitating the concealment of any income or any moneys or other assets which have not been or which ought to be disclosed by the transferee for the purposes of indian income-tax act, 1922 or income-tax act, 1961 or wealth-tax act, 1957.7. ..... after considering all the facts and circumstances of the case, we are of the opinion that the competent authority has not established that the fair market value of the property exceeded the apparent consideration shown in the deed of transfer by more than 15 per cent as required in terms of second proviso to section 269c(1). ..... according to him though the shop could not be equated with office premises but those were certainly comparable cases.according to him, the fair market value of the office premises would not be less than 50 per cent of the fair market value of shops and therefore, he held that the fair market value of the office ..... when it was objected that the shops could not be compared with the office premises the competent authority agreed that the shops could not be equated with the office premises but they are certainly comparable and he could fix the fair market value of the office premises on that basis shall not be less than rs. .....
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