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UNION OF INDIA Versus VISHNU MARUTI GHOSALE & ORS

2015 (9) TMI 860 - SUPREME COURT

Fixing the value of PUC - SCN issued stating that discounted value of apparent consideration would be ₹ 69,00,000/- (Rs. 80,00,000/- minus ₹ 11,00,000/- being the amount it was undervalued by pre-emptive Purchase order of immovable proper .....

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Court ] while quashing the aforesaid action of the Revenue, that the High Court has come to a categorical finding that there were lots of dissimilarities between Sale Instance Property (SIP) and Property Under Consideration (PUC). These are stated i .....

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PREME Court ] and held that the instance to the property that was taken could not be the basis of fixing the value of PUC and consequently for taking action under Section 269 UD(I) of the Income Tax Act. Since these are findings of fact arrived at by .....

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Panda,Sr.Adv., Ms. Niranjana Singh,Adv., Ms. Rashmi Malhotra,Adv., Mrs. Anil Katiyar,Adv. For the Respondent ; Mr. Shivaji M. Jadhav,Adv., Mr. Anish R.Shah,Adv., Mr. Vimal Chandra S. Dave,Adv. ORDER Respondent 1 (transferors) and one M/s. Atul Enterp .....

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tion was ₹ 80,00,000/- of which development rights (for 7 acres) were given to Respondent 6. Form No. 37-I was filed on 28.11.1994 with a copy of the agreement pursuant to which the appropriate authority called for details on 14.12.1994. Show c .....

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y pre-emptive Purchase order of immovable property of Respondents was passed under section 269UD(I) for a net consideration of ₹ 69 lakh on 23.02.1995 as property value was undervalued by more than 15%. Respondents contended that apparent consi .....

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the alleged undervaluation exceeded 15% or more than the fair market value and hence order was liable to be quashed. We find from the judgment of the High Court while quashing the aforesaid action of the Revenue, that the High Court has come to a ca .....

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