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2004 (2) TMI 17 - HC - Income TaxPetition is directed against the order passed under section 269UD(1), as well as order passed by the appropriate authority whereby application filed by the petitioners for withdrawal of Form No. 37-I was rejected. - The procedure adopted by the appropriate authority in order to hold that the land of the petitioner is undervalued by 15 per cent, and more in view of the fair market value demonstrated by the sale instance is neither inconsistent with the scheme of the Act nor invalid in law and, therefore, the contention of learned counsel for the petitioners in this regard is misconceived and devoid of substance - The petition is dismissed
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