2001 (12) TMI 38 - HC - Income Tax

Summary

The petition was filed to review an order regarding the purchase of property by the Income-tax Department. The court clarified that the Department is legally bound to purchase property if the sale price is less than the market value by 15 per cent. The court also stated that the Department must have good reasons for acquiring the property. The court concluded that there was no error in the order and parties could appeal if they disagreed.