https://www.taxtmi.com/caselaws?id=77421 The High Court upheld the decision of the Income Tax Appellate Tribunal to set aside acquisition proceedings initiated by the Competent Authority under Section 269A of the Income-Tax Act, 1961. The Tribunal accepted the property's value at Rs. 15 lacs, rejecting the Competent Authority's valuation of Rs. 30 lacs. Factors such as distress sale circumstances and comparison with another property's value were considered. The Court found no valid reason to support the higher valuation, ultimately dismissing the appeals and emphasizing the lack of justification for the substantial difference between the apparent consideration and fair market value. en-us Wed, 21 Jul 2010 00:00:00 +0530 Tue, 14 Sep 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=77421 The High Court upheld the decision of the Income Tax Appellate Tribunal to set aside acquisition proceedings initiated by the Competent Authority under Section 269A of the Income-Tax Act, 1961. The Tribunal accepted the property's value at Rs. 15 lacs, rejecting the Competent Authority's valuation of Rs. 30 lacs. Factors such as distress sale circumstances and comparison with another property's value were considered. The Court found no valid reason to support the higher valuation, ultimately dismissing the appeals and emphasizing the lack of justification for the substantial difference between the apparent consideration and fair market value. Case-Laws Income Tax Wed, 21 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=77421