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2007 (10) TMI 549 - BOMBAY HIGH COURTAcquisition proceedings - Whether the appropriate authority was right in holding that the purchase price between the petitioners and their transferors was below the fair market value? Held that:- In the absence of making available the valuation report and the sale instances there has been failure to comply with the principles of natural justice and fair play and on this ground alone the impugned order is liable to be set aside. The competent authority under Chapter XX-A had accepted those sale instances. Thus while considering the fair market value it was incumbent on the appropriate authority to have dealt with the objections raised by the petitioners as to why the sale instances relied upon by the petitioners were not comparable. In the absence of such exercise vis-a-vis the sale instances cited by the petitioners and the valuation report it would not be possible to arrive at a fair market value. In the instant case the fair market value has not been determined. Reliance is also placed on the comparative sale instances. Thus the order also suffers from the vice of non-application of mind. On that count also the impugned order is liable to be set aside. Appeal allowed.
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