https://www.taxtmi.com/caselaws?id=10951 The Appellate Tribunal reversed the acquisition order in an appeal under section 269H of the Income-tax Act, 1961, concerning the property at 7, Court Road, Delhi. The Tribunal found that the competent authority did not adequately investigate potential tax avoidance schemes or establish comparability with neighboring properties. It noted the lack of concrete data and comparable instances for such large land plots, emphasizing the unique nature of the transaction. Due to insufficient evidence, the Tribunal concluded that the fair market value of the property could not be determined beyond a 15% margin of the declared consideration, leading to the dismissal of the appeal. en-us Mon, 12 Jan 2004 00:00:00 +0530 Tue, 28 Jul 2009 11:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10951 The Appellate Tribunal reversed the acquisition order in an appeal under section 269H of the Income-tax Act, 1961, concerning the property at 7, Court Road, Delhi. The Tribunal found that the competent authority did not adequately investigate potential tax avoidance schemes or establish comparability with neighboring properties. It noted the lack of concrete data and comparable instances for such large land plots, emphasizing the unique nature of the transaction. Due to insufficient evidence, the Tribunal concluded that the fair market value of the property could not be determined beyond a 15% margin of the declared consideration, leading to the dismissal of the appeal. Case-Laws Income Tax Mon, 12 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10951