Puttaswamy, J.

1. These appeals and cross appeals are directed against a common order made by the Income-tax Tribunal, Bangalore Bench (Tribunal), on May 6, 1975, in Appeal Nos. I.T.A. (Acq.) Nos. 17 to 20 and 23 of 1974-75 reversing the order No. CR 62/1808/73-74/Acq. (B) dated November 30, 1974, of the IAC of Income-tax Acquisition Range, No. 41, Bangalore ("IAC"), made under Chapter XX-A of the I.T. Act of 1961 (Central Act No. 43 of 1961) ("the Act").

2. House property bearing old No. 76/89, new No. 111 situated at Diagonal Road, Visveswarapuram, Bangalore-4 was owned by one D. S. Anantha Rao, respondent in I.T.R. No. 29 of 1976 ("transferor"). On October 10, 1973, by a registered instrument of transfer, the said Anantha Rao sold the same to Sriyuths (i) A. Kheemraj, (ii) A. Premchand, (iii) A. Hukmichand, and (iv) B. Parasmal of Bangalore ("transferees") for a sum of Rs. 2,00,000. On March 21, 1974, an inspector attached to the office of the IAC reported the said transfer to the IAC. On an examination of that report, the details of the property and the apparent consideration stipulated in the instrument of transfer, recording his reasons thereto on the same or next day