Law:

Section:

Section 269F(6) of Income-tax Act, 1961 - Acquisition of immovable property - Proceedings for - Respondent purchased property in question for certain amount - Competent authority got same valued and found that fair market value of said property was much higher than stated consideration - He, therefore, directed acquisition of said property under Chapter XX-A - Tribunal cancelled competent authority's order on ground that fair method of valuation was rental method, that fair market value of said property on date of transfer was not more than consideration disclosed in sale deed and therefore, conditions necessary for acquisition of property were not satisfied - on instant appeal, it was seen from records that land was almost entirely built up and there was little scope for further development - Moreover, property was in possession of tenants - Whether it might be that respondent, on assurance of broker that tenants would be ejected, had agreed to pay a price more than amount calculated on basis of rental method, that did not mean that property should not be valued on basis of rental method - Held, yes - Whether, on facts found form record, method to be followed for valuation of property in question was rental method - Held, yes - Whether, therefore, impugned order passed by Tribunal was correct, and, it was to be affirmed - Held, yes FACTS The respondent purchased the property in question for certain amount. The competent authority got the same valued by the official valuer and found that the fair market value of the said property was much higher than the stated consideration. After hearing the objections of the parties, the competent authority directed acquisition of the property under chapter XX-A on appeal, the Tribunal cancelled the impugned order on the ground that the fair market value of the property on the date of the transfer was not more than the consideration disclosed in the sale deed; that the conditions necessary for acquisition of the said property were not satisfied, and therefore, the provisions of Section 269C were not applicable. On appeal under section 269-H: HELD As regards the preliminary objection raised by the revenue that the…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492