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2008 (8) TMI 501 - HC - Income TaxPurchase of Immovable property by Central government- The petitioner has challenged the order passed under sec 269U0(1) and under section 269UE of the Act by respondent No. 1, thereby ordered for pre-emplive purchase under Chapter XX-C of the Act and further to deliver possession of property. Held allowing the petition, that the fair market value was not determined by the appropriate authority as required under the law. There was no mention about the fair market value of the property. Nor was it recorded that the apparent consideration was less then the fair market value by 15 percent. There was no finding that there had been undervaluation of property with a view to evade tax. Mere observation that prices were rising was not sufficient. The order of pre-emptive purchase was not valid.
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