No transfer on acquisition of own property by assessees in the names of their childrens

Smt. R. Mangala Devi Vs ITO (ITAT Hyderabad) In the given case both the assessees are husband and wife. Based on the information that assessees had sold a property for a consideration of Rs.40 Lakhs during the relevant previous year and that the value of the same was adopted by the registration authorities for the purposes of stamp duty at Rs.83,28,000/- and since the assessees had not filed their returns of income for the AY 2009-10, the Assessing Officer (AO) issued a notice u/s.148 of the Income Tax Act. In reply to the Show Cause Notices, both the assessees filed letters dt.15-12-2016, sta...