2001 (5) TMI 2

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 4, by respondent No. 3 with respondents Nos. 1 and 2 in respect of property bearing municipal No. C-590, Defence Colony, New Delhi, for a total sale consideration of Rs. 80 lakhs. An application in Form No. 37-I was filed before the appropriate authority as required under section 269UC of the Income-tax Act, 1961 (hereinafter referred to as "the Act"). The appropriate authority by an order made on .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e Colony, New Delhi, to show that the value has been understated by more than 15 per cent. Even assuming for the sake of argument that the valuation assigned by the appropriate authority to the property in question is correct, one important factor has been ignored by the appropriate authority, namely, that the property was under litigation and proceedings were still pending in the court of law at .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... n assumed sufficient importance in the matter. The High Court took note of the fact that in other cases where there is pending litigation in respect of properties which have been subjected to proceedings under Chapter XX-C of the Act their value had been discounted by 10 per cent. It is not necessary to determine this particular percentage. The well known principle of administrative law that if a .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X