https://www.taxtmi.com/caselaws?id=71058 For acquisition under Chapter XXA, the fair market value must be assessed with reference to the actual interest transferred, not the entire property. Where the transferors conveyed only a 30 per cent share, the Department could not apply the valuation mechanically to the whole asset without accounting for co-ownership, existing tenants, competing claims, and the impact of road expansion on marketability. On the material available, the fair market value of the transferred interest did not clearly exceed the apparent consideration by the statutory margin required to trigger acquisition, so the acquisition proceedings lacked foundation and the order was set aside. en-us Fri, 26 Sep 1980 00:00:00 +0530 Thu, 21 Apr 2011 11:31:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71058 For acquisition under Chapter XXA, the fair market value must be assessed with reference to the actual interest transferred, not the entire property. Where the transferors conveyed only a 30 per cent share, the Department could not apply the valuation mechanically to the whole asset without accounting for co-ownership, existing tenants, competing claims, and the impact of road expansion on marketability. On the material available, the fair market value of the transferred interest did not clearly exceed the apparent consideration by the statutory margin required to trigger acquisition, so the acquisition proceedings lacked foundation and the order was set aside. Case-Laws Income Tax Fri, 26 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71058