RAMESH BHAI J. PATEL vs UNION OF INDIA

The Supreme Court interpreted Section 269UA(b) of the Income Tax Act, 1961, clarifying that 'apparent consideration' for immovable property must be determined as per the agreement for transfer, including discounted values for payments due after the agreement date. The Court held that there is no requirement for the discount to relate solely to the period between payment by the Central Government and the last payment under the agreement. The judgment affirmed the interpretation of the statute as it stands, without any interlinking with payment timelines under Chapter XX-C.