Difference between purchase price of land vis-a-vis Jantri Value could not be treated as assessee’s income

Jamanbhai D. Kalaria Vs DCIT (ITAT Rajkot) Conclusion: AO was not justified in treating assessee’s transaction of purchase of agricultural land from his wife as colorable device to avoid the legitimate payment of tax on mere difference between purchase price declared by assessee vis-a-vis Jantri Value as assessee had discharged his primary onus by furnishing the necessary details to justify the cost of acquisition and now the onus was on the Revenue to bring on record the details of the cases to justify the actual prevailing market rate at the time of the purchase of land by assessee. He...