2001 (5) TMI 2 - SC - Income Tax

Purchase of Immovable Property by Central Government - According to the appropriate authority the fair market value is assessed to be Rs. 96, 85, 650 thus resulting in an increase by 20 per cent. of the apparent consideration of Rs. 80 lakhs plus conversion charges of Rs. 1, 04, 000 - If a relevant factor is ignored the order of pre-emptive purchase made becomes vitiated

Summary

The Supreme Court dismissed the appeal regarding the compulsory sale of a property in Defence Colony, New Delhi. The appropriate authority's valuation was challenged due to pending litigation, which was ignored. The High Court's decision was upheld, and the appeal was dismissed with costs of Rs. 10,000.