Ramesh Bhai J. Patel Etc. Etc vs Union Of India

The Supreme Court interpreted Section 269UA(b) of the Income Tax Act, 1961, clarifying that the 'apparent consideration' for immovable property must be determined by discounting the future payment value as per the prescribed interest rate of 8% per annum under Rule 48(i) of the Income Tax Rules. The Court held that the apparent consideration is not simply the amount stated in the agreement but must be adjusted to reflect the discounted value if payment is to occur after the agreement date. The appeals were dismissed, affirming the High Court's interpretation of the statute.