Punjab & Haryana H.C : Whether, on the facts and circumstances of the case, the Tribunal was right in holding that the provisions of s. 52(2) of the IT Act, 1961, are automatically attracted to a case where the difference in the market price and the apparent consideration was more than 15 per cent ?

High Court Of Punjab & Haryana

Sushil Kumar vs. CIT

Section 52(2), 256(2)

Asst. Year 1982-83

N.K. Sud & Adarsh Kumar Goel, JJ.

IT Case No. 115 of 1993

5th August, 2004

Counsel Appeared :

Akshay Bhan, for the Petitioner : Dr. N.L. Sharda, for the Respondent

JUDGMENT

N. K. Sud J. :

We have heard counsel for the petitioner and are satisfied that the following question of law arises out of the order of the Tribunal, Amritsar Bench, Amritsar, dt. 9th July, 1992, relating to the asst. yr. 1982-83 :

“Whether, on the facts and circumstances of the case, the Tribunal was right in holding that the provisions of s. 52(2) of the IT Act, 1961, are automatically attracted to a case where the difference in the market price and the apparent consideration was more than 15 per cent ?”

Accordingly, we direct the Tribunal to draw up a statement of the case and refer the aforementioned question of law for consideration by this Court.

The petition is, accordingly, allowed.

[Citation : 275 ITR 355]