https://www.taxtmi.com/caselaws?id=152915 The High Court of Bombay allowed the petition challenging an order under section 269UD(1) of the Income-tax Act, 1961, seeking to purchase a property known as "Abhishek Bungalow." The court found serious flaws in the order, including the absence of a fair market value determination and failure to consider relevant sale instances. Emphasizing the necessity of determining fair market value before alleging undervaluation, the court concluded that the purchase order was baseless. It noted disparities in location and unsuccessful auctions of similar properties, ultimately ruling in favor of the petitioners and setting aside the impugned order with no costs. en-us Tue, 11 Sep 2007 00:00:00 +0530 Sat, 27 Dec 2014 15:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=152915 The High Court of Bombay allowed the petition challenging an order under section 269UD(1) of the Income-tax Act, 1961, seeking to purchase a property known as "Abhishek Bungalow." The court found serious flaws in the order, including the absence of a fair market value determination and failure to consider relevant sale instances. Emphasizing the necessity of determining fair market value before alleging undervaluation, the court concluded that the purchase order was baseless. It noted disparities in location and unsuccessful auctions of similar properties, ultimately ruling in favor of the petitioners and setting aside the impugned order with no costs. Case-Laws Income Tax Tue, 11 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=152915