https://www.taxtmi.com/caselaws?id=11066 Under Chapter XX-C, market value for compulsory pre-emptive purchase must be fixed on fair, objective and property-specific criteria as on the date of the agreement. A large property with an existing structure cannot be valued mechanically by comparing it with a few smaller vacant sale instances, because size, location, structure, title uncertainties, marketability and the pool of potential purchasers materially affect value. The Authority's reliance on limited comparable sales and simple extrapolation, without independent evaluation of the relevant circumstances, was unsustainable and the purchase order was set aside, with the matter remitted for fresh valuation on proper criteria. en-us Thu, 11 Jul 2002 00:00:00 +0530 Thu, 30 Jul 2009 16:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11066 Under Chapter XX-C, market value for compulsory pre-emptive purchase must be fixed on fair, objective and property-specific criteria as on the date of the agreement. A large property with an existing structure cannot be valued mechanically by comparing it with a few smaller vacant sale instances, because size, location, structure, title uncertainties, marketability and the pool of potential purchasers materially affect value. The Authority's reliance on limited comparable sales and simple extrapolation, without independent evaluation of the relevant circumstances, was unsustainable and the purchase order was set aside, with the matter remitted for fresh valuation on proper criteria. Case-Laws Income Tax Thu, 11 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11066