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2004 (1) TMI 28 - DELHI HIGH COURTTribunal reversed order made by the competent authority – sale of property – valuation - It was admitted before the Tribunal that there was no sale instance of such a big parcel of land on record and, therefore, merely on the basis of the circulars, the fair market value cannot be arrived at. The Tribunal also observed that it was a case of a sale by an income-tax and wealth-tax assessee against whom huge tax liabilities were outstanding and who sold the property after submitting a copy of the proposed sale deed to the Income-tax Department and after obtaining tax clearance - Tribunal held that from the material on record, it was not proved that the fair market value of the property in question as on the date of transfer was more than 15% of the consideration shown in the instrument of transfer. - As correctly stated by the Tribunal, one cannot compare the price of a plot admeasuring 367 sq. yards with a plot admeasuring 15,666 sq. yards – Revenue appeal dismissed
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