Supreme Court · 2001 INSC 138 · Decided 13 March 2001
Appropriate Authority and Commissioner, Income Tax v. SMT. Varshaben Bharatbhai Shah and ORS.
- Court
- Supreme Court of India
- Citation
- 2001 INSC 138 · [2001] 2 S.C.R. 349
- Case number
- CIVIL APPEAL No. 5426/1997
- Decided
- 13 March 2001
- Bench
- S.P. BHARUCHA, N. SANTOSH HEGDE, Y.K. SABHARWAL (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
B Income Tax: Income Tax Rules, I962: Rule 48-K. Immovable prope11y-Sale of-Apparent consideration for-Pre-emptive c purchase of-Co-owners entered into agreement for sale of immovable prop- e1ty fora certain apparent consideration, ivhich exceeded the prescribed limit for the relevant area under co-owners sought to transfer their equal half sha1~s in the said propel1y-High Cou11 held that Chapter XX-C of Income Tax Act not"applicable since each co-owner would get D less than the prescribed limit-C01rectness of-Held: Ifthe apparent consid- i· erationfor transfer of
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