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2005 (5) TMI 44 - HC - Income TaxOrders under section 269UD(1) - petitioner also has challenged the provision of Chapter XX-C – Purchase Of Immovable Property By Central Government - In the impugned order, the Appropriate authority has noticed that the net consideration of the property comes to Rs. 1,82,76,325 and the land rate works out to Rs. 422 per square foot. As per the Corporation Development Plan, the property is located in Zone B and considering the width of the roads abutting the property, the permissible floor area ratio is 1.75 for commercial land. The authority further notices that the property is situated on a corner plot of land with frontage on two important wide roads, and that the apparent consideration at the rate of Rs. 422 per square foot is very low - Taking into consideration all these materials available on record, the authority has passed an adverse order holding that the market value of the property under transfer was definitely in excess of Rs. 747 per square foot at the time when the agreement was entered into. – petition against order of appropriate authority is dismissed
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