- (1.) Taken on board with the consent of counsel for both the parties.
(2.) This appeal is preferred against the judgment of the Madhya Pradesh high court dismissing the appeal preferred by the appellant under Section 269- h (occurring in Ch. XX-A) of the Income Tax Act.
(3.) The appellant purchased a house at Bhopal under a registered sale deed dated 13/02/1973. The consideration recited in the deed was Rs. 49,000. 00. Proceedings were taken under Ch. XX-A of the Income Tax Act with respect to the said property. The Valuation Officer of the Income Tax department valued the house at Rs. 85,600. 00. Before the Inspecting Assistant commissioner (IAC) , both the appellant and the transferor admitted that the consideration that really passed between them was in a sum of Rs. 90,000. 00. In view of this admission and also taking into consideration other material available before him, the Inspecting Assistant Commissioner ordered acquisition of the property by his order dated 27/05/1976. The appeal preferred to the tribunal under Section 269-G was dismissed. The appellant then carried the matter in further appeal to the High court which too has been dismissed. Both the tribunal and the High court have relied upon the admission made by the appellant as well as the transferor with respect to the actual consideration that passed between them.;