TMI Blog2008 (12) TMI 211X X X X Extracts X X X X X X X X Extracts X X X X ..... HAR JJ. Soli Dastoor with Anil Menon for the petitioners. R. Ashokan for the respondents. JUDGMENT The judgment of the court was delivered by 1. P. B. MAJ MU DAR J. -By filing this writ petition, the petitioners are challenging orders at exhibit "E" and exhibit "N". So far as the impugned order dated July 26, 1993 (exhibit "E") is concerned, the same was passed under section 269UD of the Income-tax Act, 1961 ("the Act" for short). The petitioners, thereafter preferred rectification application and the same was rejected by order dated September 7, 1993, which is annexed at exhibit "N" to the petition. 2. So far as petitioners Nos.1 and 2 are concerned, they are purchasers of the flat sold by petitioners Nos.3 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... required to be rectified. The authority has found that the sale instances, on which reliance was made by the petitioners, cannot be a matter of rectification and, therefore, the rectification application is not permissible in law. The authority also rejected other points raised in the rectification application. Accordingly, the petitioners filed the present petition challenging the original order at exhibit "E" and the order on rectification application at exhibit "N". 4. The learned counsel appearing for the petitioners submitted that the authority has not taken care to arrive at a correct market value by taking into consideration various sale instances produced before it. It is submitted that the authority is required to fix the fair ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thority in an appropriate manner and the said documents should have been properly considered in the order. Since the said documents have not been taken into account in an appropriate manner, it can be said that the authority has failed to arrive at a fair market value. As pointed out earlier, the sale instances referred to at page 66, which were produced before the authority, have not been dealt with at all by the Appropriate Authority. 6. At this stage, it is required to be noted that the area of flat is 1880 square feet, discounted value of sale consideration is Rs. 96,39,983 and on the basis of the said rate, the rate per square feet comes to Rs. 5,128 and market rate per square feet considered by the authority is Rs. 6,000 as per t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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