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Shri JP. Mrithunjay Singh Versus Income Tax Officer, Ward-7(3), Bangalore

2015 (5) TMI 77 - KARNATAKA HIGH COURT

Determination of the market value of immovable property as on 01.04.1981 - valuation of the said property has been made on the basis of an alleged agreement of sale dated 12.12.1978 by tribunal - Held that:- We find substance in the submissions made .....

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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 decided afresh by the Assessing Officer after ignoring the agreement .....

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J. For the Appellant : Shri Balram R Rao, Adv. For the Respondent : Shri K V Aravind, Adv. ORDER The appeal is admitted on the following substantial question of law: "Whether on the facts and in the circumstances of the case, the Income Tax Appe .....

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ember 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 o .....

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arties, this appeal has been heard and is being finally disposed of at this stage. 4. In short, the dispute in the present appeal is with regard to the determination of the market value of the property in question as on 01.04.1981. The valuation of t .....

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s decreed in favour of the purchaser. 5. Learned Counsel for the parties do not dispute the fact that the suit filed by the purchaser was in fact dismissed and not decreed in favour of the purchaser. The contention of the learned Counsel for the appe .....

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orrect, as the agreement itself was not found to be a valid agreement by the Trial Court, and the suit was in fact dismissed and not allowed. It is thus contended that the value of the property as on 01.04.1981 ought to have been determined on the ba .....

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