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2009 (8) TMI 31 - HC - Income TaxCompulsory Acquisition of property – Chapter XXC of the Income Tax Act, 1961 - . Assessee contended that he acquisition is to be effected only when there is a significant undervaluation in the agreement of sale with a view to evade tax and an order of compulsory purchase of immovable property can be made only if the appropriate authority is satisfied that the apparent consideration, as shown in the agreement of sale, was less than the fair market value by 15% or more – Department contended that Since there were no sale instances of open land or land with a small structure constructed thereon, the sale instance of the builtup apartments could be referred to as a guide for arriving at proper valuation of the said property – Appropriate authority had remanded the matter to ascertain the value corrected – Held that order of appropriate authority not to be interfered with.
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