https://www.taxtmi.com/caselaws?id=68265 The Tribunal set aside the IAC's orders in a case concerning the fair market value of land for acquisition proceedings under section 269D of the Income-tax Act. The Tribunal found the authorities had not properly adjudicated the matter, emphasizing the necessity for a detailed inquiry into market value and land use. Citing the Supreme Court decision in Kapoorchand Srimal v. Commissioner, the Tribunal directed a reevaluation, stressing the appellants' right to present evidence. A Judicial Member concurred, emphasizing the importance of comparing similar land sales to determine accurate market value. The judgment underscores the need for thorough examination before affecting substantial property rights. en-us Tue, 15 Apr 1986 00:00:00 +0530 Sat, 21 Jan 2012 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68265 The Tribunal set aside the IAC's orders in a case concerning the fair market value of land for acquisition proceedings under section 269D of the Income-tax Act. The Tribunal found the authorities had not properly adjudicated the matter, emphasizing the necessity for a detailed inquiry into market value and land use. Citing the Supreme Court decision in Kapoorchand Srimal v. Commissioner, the Tribunal directed a reevaluation, stressing the appellants' right to present evidence. A Judicial Member concurred, emphasizing the importance of comparing similar land sales to determine accurate market value. The judgment underscores the need for thorough examination before affecting substantial property rights. Case-Laws Income Tax Tue, 15 Apr 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68265