PRINCIPAL COMNR. OF INCOME TAX, SAMBALPUR RANGE vs. M/S. TATA SPONGE IRON LTD.

Bench: MR. JUSTICE ARINDAM SINHA,MR. JUSTICE SANJAY KUMAR MISHRA

17. Proper officer can therefore reject the declared transactional value based on ―certain reasons‖ to doubt the truth or accuracy of the declared value in which event the proper officer is entitled to make assessment as per Rules 4 to 9 of the 2007 Rules. What is meant by the expression ―grounds for doubting the truth or accuracy

PRINCIPAL COMMNR. OF INCOME TAX, SAMBALPUR vs. BINAY KUMAR JINDAL, HUF

Accordingly, this appeal fails and is dismissed

Bench: DR. JUSTICE S. MURALIDHAR (CJ),MR. JUSTICE MURAHARI SRI RAMAN

iv) Goan Real Estate v. UOI, reported at (2010) 5 SCC 388, paragraphs 31. 10. Learned Advocate, with reference to Section 174 of the KMC Act, submitted that the appellants did not indicate before the Hearing Officer what would be the “reasonable rent” that should be considered by the Hearing Officer. The appellants/assesses never disputed the quantum of rent