https://www.taxtmi.com/caselaws?id=152671 The court quashed the order under section 269UD(1) of the Income-tax Act, 1961, due to the Authority's failure to determine the fair market value of a flat in Mumbai, breaching natural justice principles. The court criticized the Authority's preconceived decision, lack of adherence to natural justice, and reliance on guesswork rather than expert valuation. Emphasizing the importance of fair market value determination and procedural fairness, the court set aside the order, making the rule absolute with no costs. en-us Mon, 09 Jun 2008 00:00:00 +0530 Sat, 06 Dec 2014 17:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=152671 The court quashed the order under section 269UD(1) of the Income-tax Act, 1961, due to the Authority's failure to determine the fair market value of a flat in Mumbai, breaching natural justice principles. The court criticized the Authority's preconceived decision, lack of adherence to natural justice, and reliance on guesswork rather than expert valuation. Emphasizing the importance of fair market value determination and procedural fairness, the court set aside the order, making the rule absolute with no costs. Case-Laws Income Tax Mon, 09 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=152671