Law:

Section:

Section 269C, read with section 254, of the Income-tax Act, 1961 - Acquisition of immovable property - Determination of fair market value 'A' sold his property by an unregistered agreement - Valuation Officer held that fair market value of house was more than apparent consideration by more than 15 per cent - Competent authority issued notice under section 269D(1) and relying on rates as fixed by agar Maha-palika at Rs. 120 per sq. yard which were supported by certain auction sales in neighbourhood areas made an order for acquisition of property - Tribunal did not rely on competent authority's order on ground that auction sales rate had not been relied on by departmental valuer and held that as property had since been sold to Union of India at Rs. 45 per sq. yard, so price taken at Rs. 120 per sq. yard by Nagar Mahapalika was not correct and after considering agreement held that fair market value of property did not exceed apparent consideration by more than 15 per cent - Whether reasons given by Tribunal for not considering auction sales was untenable - Held, yes - Whether rate fixed by Nagar Mahapalika was not arbitrary as it was supported by auction sales - Held, yes - Whether in acquisition proceedings Tribunal erroneously attached importance to sale transaction to Union of India as it could be contended that there had been general rise in rate of property on date on which sale deed in question was executed - Held, yes - Whether Tribunal committed an error in ignoring material evidence and present would be a fit case for setting aside its - Held, yes Section 269F of the Income-tax Act, 1961 - Acquisition of immovable properties - Hearing of objections - Whether on facts mentioned under caption 'Acquisition of immovable properties - Determination of fair market value' Tribunal acted illegally in considering unregistered agreement and holding on its basis that fair market value of property in question did not exceed apparent consideration by more than 25 per cent - Held, yes Facts 'A' sold half of his house to J and one-fourth each of the same to his two sons, by an unregistered agreement. The Valuation Officer held that the fair market value of the house was…

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