TMI Blog2015 (5) TMI 77X X X X Extracts X X X X X X X X Extracts X X X X ..... appellant, as the very basis for valuation of the property, which was the agreement for sale, was itself held not to be a valid agreement. The fair market value of the property as assessed by the Tribunal cannot be said to be a proper mode of assessment. We therefore hold that the fair market value of the property as determined by the Tribunal, was without any proper basis. Matter should be de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alleged agreement of sale dated 12th December 1978, when in the suit filed by Mr.M.Nachaiah Chittiappa and others before the XI Addl. City Civil Judge Bangalore for specific performance based on the said agreement and numbered as O.S.No.2339/1981 has been dismissed with costs on 21st day of July 2001? 2. We have heard Sri Balram R.Rao, learned Counsel appearing for the appellant as well as Sri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed and not decreed in favour of the purchaser. The contention of the learned Counsel for the appellant thus is that on the basis of the said agreement dated 12.12.1978, which was for sale of the property for a value of ₹ 7,00,000/-, the finding that the value of the property in question was ₹ 10,00,000/- as on 01.04.1981 would be incorrect, as the agreement itself was not found to be a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... without any proper basis. We thus answer the question of law in favour of the assessee and against the revenue. 8. Learned Counsel for the parties have agreed that the matter should be decided afresh by the Assessing Officer after ignoring the agreement for sale dated 12.12.1978 and on the basis of the other factors relevant, for consideration of the fair market value. As such, we direct that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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