https://www.taxtmi.com/caselaws?id=18667 Pre-emptive purchase under Chapter XX-C is sustainable only where the Appropriate Authority makes a reasoned, objective finding on relevant material that the apparent consideration is understated by the statutory margin. Mere rejection of objections or reliance on a purportedly comparable sale is insufficient if the instance is materially different in development, frontage, shape, size, or transfer expenses. On the facts noted, the authority failed to record adequate reasons or supporting material for concluding that undervaluation exceeded 15 per cent, so the pre-emptive purchase order and consequential vesting order were unsustainable and liable to be quashed. en-us Mon, 26 Jun 1995 00:00:00 +0530 Sat, 31 Oct 2009 12:26:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18667 Pre-emptive purchase under Chapter XX-C is sustainable only where the Appropriate Authority makes a reasoned, objective finding on relevant material that the apparent consideration is understated by the statutory margin. Mere rejection of objections or reliance on a purportedly comparable sale is insufficient if the instance is materially different in development, frontage, shape, size, or transfer expenses. On the facts noted, the authority failed to record adequate reasons or supporting material for concluding that undervaluation exceeded 15 per cent, so the pre-emptive purchase order and consequential vesting order were unsustainable and liable to be quashed. Case-Laws Income Tax Mon, 26 Jun 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18667