https://www.taxtmi.com/caselaws?id=67766 In acquisition proceedings under Chapter XX-A of the Income-tax Act, the authority must prove with cogent and reliable evidence that the fair market value exceeded the declared consideration by the statutory margin and that the transfer was intended to reduce or evade tax. Auction sales of smaller plots in a better locality, on the main road, and without the same locational disadvantages were not accepted as proper comparables. The assessee's own sale instances from the same locality, together with the agreement to sell, prior payment, possession, conversion charges, and the property's physical disadvantages, supported the declared price. The acquisition order was therefore unsustainable and the transfer was treated as genuine. en-us Sat, 15 Dec 1979 00:00:00 +0530 Mon, 14 Mar 2011 15:02:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67766 In acquisition proceedings under Chapter XX-A of the Income-tax Act, the authority must prove with cogent and reliable evidence that the fair market value exceeded the declared consideration by the statutory margin and that the transfer was intended to reduce or evade tax. Auction sales of smaller plots in a better locality, on the main road, and without the same locational disadvantages were not accepted as proper comparables. The assessee's own sale instances from the same locality, together with the agreement to sell, prior payment, possession, conversion charges, and the property's physical disadvantages, supported the declared price. The acquisition order was therefore unsustainable and the transfer was treated as genuine. Case-Laws Income Tax Sat, 15 Dec 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67766