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2019 (7) TMI 1454 - SUPREME COURTPreemptive purchase order - applicability of section 269 UD (1) of the Income tax act where the market value is more than purchase value of the property - whether the High Court (Single Judge, Division Bench and Review Bench) was justified in dismissing the appellants’ writ petition, intra court appeal and review petition and thereby was justified in upholding the pre-emptive order dated 30.03.1994 passed by the appropriate authority? - HELD THAT:- It is not in dispute that the appropriate authority laid a factual foundation in the show cause notice to prove the value of suit land, which, according to the authority, was 15% higher than the apparent consideration. It is also not in dispute that a categorical finding was recorded by the appropriate authority that the fair market value of the suit land was 15% more than the apparent consideration mentioned in the agreement of sale by the parties. As mentioned above, these findings were examined by the writ Court, intra appellate Court and lastly the review Court in their respective jurisdiction. They were upheld. These findings are based on appreciation of evidence. We do not find these findings to be either arbitrary or illegal or against any statutory provisions and nor they can be regarded as being perverse to the extent that no reasonable man could ever reach to such conclusion. We also find that these findings are in conformity with the requirements of Section 269 UD of the Act. Appeal dismissed.
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