https://www.taxtmi.com/caselaws?id=10996 Acquisition proceedings under Chapter XX-A failed because the valuation foundation was found arbitrary and unreliable. The High Court accepted the Tribunal's finding that the comparable sale instances used by the Government Valuation Officer were neither proximate in location nor in time, and that the stated locational and temporal discounts lacked a sound basis. The Tribunal's inspection-based assessment of the subject property and surrounding development was not shown to be erroneous. It also accepted the finding that neither transferor nor transferee had any motive to suppress consideration, so the Revenue's challenge failed and the proceedings were quashed. en-us Fri, 20 Feb 2004 00:00:00 +0530 Wed, 29 Jul 2009 10:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10996 Acquisition proceedings under Chapter XX-A failed because the valuation foundation was found arbitrary and unreliable. The High Court accepted the Tribunal's finding that the comparable sale instances used by the Government Valuation Officer were neither proximate in location nor in time, and that the stated locational and temporal discounts lacked a sound basis. The Tribunal's inspection-based assessment of the subject property and surrounding development was not shown to be erroneous. It also accepted the finding that neither transferor nor transferee had any motive to suppress consideration, so the Revenue's challenge failed and the proceedings were quashed. Case-Laws Income Tax Fri, 20 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10996