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2015 (5) TMI 77 - KARNATAKA HIGH COURT

2015 (5) TMI 77 - KARNATAKA HIGH COURT - TMI - 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 by learned Counsel for the 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 .....

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ted:- 13-4-2015 - Vineet Saran And S. Sujatha,JJ. 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 Appellate Tribunal, Bangalore is right in upholding the determination of the market value of immovable property No.72, Cunningham Road, (S.R.T. Road) Bangalore at ₹ 10 lakhs as on 1st April 1981 based .....

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d. 3. With consent of learned Counsel for the parties, 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 the said property has been made on the basis of an alleged agreement of sale dated 12.12.1978. The Tribunal in its order, which is impugned in this appeal, has held that the suit filed by the purchaser on .....

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