https://www.taxtmi.com/caselaws?id=16873 The court dismissed the appeal by the Commissioner of Income-tax challenging the order of the Income-tax Appellate Tribunal in an acquisition case involving agricultural land. The Tribunal held that the apparent consideration for each transferee should be considered separately, and as it was below Rs. 5 lakhs, the acquisition was unjustified per Circular No. 455. The court emphasized the circular's binding nature, applying it to ongoing proceedings and mandating the dropping of proceedings if the apparent consideration was below the specified threshold. Consequently, the court ruled in favor of dropping the acquisition proceedings against the assessee. en-us Thu, 15 May 1997 00:00:00 +0530 Sat, 12 Sep 2009 16:52:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16873 The court dismissed the appeal by the Commissioner of Income-tax challenging the order of the Income-tax Appellate Tribunal in an acquisition case involving agricultural land. The Tribunal held that the apparent consideration for each transferee should be considered separately, and as it was below Rs. 5 lakhs, the acquisition was unjustified per Circular No. 455. The court emphasized the circular's binding nature, applying it to ongoing proceedings and mandating the dropping of proceedings if the apparent consideration was below the specified threshold. Consequently, the court ruled in favor of dropping the acquisition proceedings against the assessee. Case-Laws Income Tax Thu, 15 May 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16873