https://www.taxtmi.com/caselaws?id=67970 The Appellate Tribunal ITAT Jaipur ruled in favor of the assessee in two appeals challenging the Competent Authority's property acquisition under section 269F of the IT Act. The Tribunal emphasized the importance of expert valuation, burden of proof on the Revenue to establish fair market value exceeding sale deed value, and adherence to Circular guidelines. It concluded that the acquisition solely based on the Inspector's report was unjustified, and accepted the sale deed value as the market value due to lack of contrary evidence. The Tribunal canceled the acquisition order, highlighting the necessity of concrete evidence in such proceedings. en-us Fri, 24 Jul 1987 00:00:00 +0530 Wed, 16 Mar 2011 11:29:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67970 The Appellate Tribunal ITAT Jaipur ruled in favor of the assessee in two appeals challenging the Competent Authority's property acquisition under section 269F of the IT Act. The Tribunal emphasized the importance of expert valuation, burden of proof on the Revenue to establish fair market value exceeding sale deed value, and adherence to Circular guidelines. It concluded that the acquisition solely based on the Inspector's report was unjustified, and accepted the sale deed value as the market value due to lack of contrary evidence. The Tribunal canceled the acquisition order, highlighting the necessity of concrete evidence in such proceedings. Case-Laws Income Tax Fri, 24 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67970