K.S. Puttaswamy, J.—These appeals and cross appeals are directed against a common order made by the Income tax Appellate Tribunal, Bangalore Bench (Tribunal), on June 30, 1975, in Appeals Nos. I.T.A. (Acq.) Nos. 31, 32, 33 and 34/Bang/1975-76, reversing the order No. C.R. 62/ 1601/73-74 Acq. (B), dated February 12, 1975, of the Inspecting Assistant Commissioner of Income Tax, Acquisition Range, Bangalore, made under Chapter XX-A of the Income Tax Act, 1961 (Central Act No. 43 of 1961) ("the Act").

2. An immovable property bearing No. 1011/44, situated on Ist Main Road, IV Block, Rajajinagar, Bangalore-10, was owned by Smt. Girijamma (transferor). On August 3,1973, the said transferor, under a registered instrument of transfer, transferred the said property to Sriyuths B. M. Byrappa, B. C. Hanumanthappa, B. M. Marappa and B. V. Nagaraj of Bangalore (transferees) for a consideration of Rs.80,000.

3. On February 1, 1974, the Inspecting Assistant Commissioner recorded his reasons under section 269C of the Act to the effect that the fair market value of the property exceeded the apparent consideration by more than 15% and directed the issue of notices on the same day under secti