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2008 (4) TMI 462 - HC - Income TaxPurchase of Immovable property- It is essential that the Appropriate Authority should first determine the “ fair market value” of the property in question in the light of the attending circumstances because without determining the fair market value it is not only difficult but impossible to state that the apparent consideration is lower than the market value by 15 percent. or more. Held that- the appropriate authority had not fixed any fair market value. The Appropriate Authority had not given any credence to the valuation report submitted by the petitioner as well as the comparable sale instances referred to by the petitioner. The Appropriate Authority ought to have furnished the copy of the valuation report to the petitioner which was admittedly not done in this case. Hence, the order was clearly violative of the principles of natural justice. The order of pre-emptive purchase was not valid.
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