https://www.taxtmi.com/caselaws?id=208568 Chapter XX-C pre-emptive purchase could be sustained where alleged encumbrances and pending disputes were only inter se the transferors and transferee and did not amount to third-party claims affecting fair market value. Loss of original title deeds was treated as immaterial on the facts because the authority knew of the loss, issued public notice, and no adverse claim emerged. A sale instance may be used as a comparable after adjustments for time gap and FAR, and location differences do not necessarily discredit valuation. The provision does not require a conclusive finding of actual understatement before action; a prima facie inference of undervaluation, coupled with a fair opportunity to rebut, is sufficient. en-us Thu, 05 Jan 2012 00:00:00 +0530 Fri, 25 Oct 2013 11:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208568 Chapter XX-C pre-emptive purchase could be sustained where alleged encumbrances and pending disputes were only inter se the transferors and transferee and did not amount to third-party claims affecting fair market value. Loss of original title deeds was treated as immaterial on the facts because the authority knew of the loss, issued public notice, and no adverse claim emerged. A sale instance may be used as a comparable after adjustments for time gap and FAR, and location differences do not necessarily discredit valuation. The provision does not require a conclusive finding of actual understatement before action; a prima facie inference of undervaluation, coupled with a fair opportunity to rebut, is sufficient. Case-Laws Income Tax Thu, 05 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208568