https://www.taxtmi.com/caselaws?id=18538 Pre-emptive purchase under Chapter XX-C requires a reasoned, objective determination of fair market value on the relevant date, supported by relevant material and reasons showing why the apparent consideration is understated beyond the statutory margin. An order based on assumptions, estimates, or conjecture about construction cost, profit, or valuation does not satisfy that standard. Because the Appropriate Authority did not record a finding of market value as on the agreement date and proceeded on assumed figures, the statutory basis for compulsory purchase was not established and the order was quashed, with directions to issue the no objection certificate. en-us Sat, 30 Mar 1996 00:00:00 +0530 Thu, 01 Oct 2009 15:21:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18538 Pre-emptive purchase under Chapter XX-C requires a reasoned, objective determination of fair market value on the relevant date, supported by relevant material and reasons showing why the apparent consideration is understated beyond the statutory margin. An order based on assumptions, estimates, or conjecture about construction cost, profit, or valuation does not satisfy that standard. Because the Appropriate Authority did not record a finding of market value as on the agreement date and proceeded on assumed figures, the statutory basis for compulsory purchase was not established and the order was quashed, with directions to issue the no objection certificate. Case-Laws Income Tax Sat, 30 Mar 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18538