2001 (5) TMI 3 - SC - Income Tax

According to the appropriate authority the fair market value with reference to the first property was worked out at Rs. 35 lakhs and with reference to the other property at Rs. 42 lakhs- Whether order of pre emptive purchase was vitiated - When relevant factors had been ignored by the appropriate authority necessarily we find the view taken by the High Court in holding that the order of the appropriate authority is vitiated is correct.

Summary

The Supreme Court dismissed the appeal regarding the valuation of a property in Greater Kailash-I, New Delhi, finding that relevant factors were ignored by the appropriate authority in comparing properties, leading to the order being vitiated. (Case citation: 2001 (5) TMI 3 - Supreme Court)