https://www.taxtmi.com/caselaws?id=13758 The court overruled the preliminary objection on the maintainability of the petition by intending purchasers, citing relevant case law. It found no understatement of consideration and deemed the impugned order invalid due to improper determination of data. The show-cause notice was considered illegal for lack of disclosure. The court criticized the appropriate authority for not considering comparable sale instances in determining fair market value. Gross breaches of natural justice were found, leading to the quashing of the impugned order. The petitioners were directed to pay a specified amount to the Income-tax Department. en-us Mon, 04 Jun 2007 00:00:00 +0530 Thu, 02 Jul 2009 12:33:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13758 The court overruled the preliminary objection on the maintainability of the petition by intending purchasers, citing relevant case law. It found no understatement of consideration and deemed the impugned order invalid due to improper determination of data. The show-cause notice was considered illegal for lack of disclosure. The court criticized the appropriate authority for not considering comparable sale instances in determining fair market value. Gross breaches of natural justice were found, leading to the quashing of the impugned order. The petitioners were directed to pay a specified amount to the Income-tax Department. Case-Laws Income Tax Mon, 04 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13758