https://www.taxtmi.com/caselaws?id=18784 An order for pre-emptive purchase under Chapter XX-C had to be based on relevant material and on recorded grounds showing that the apparent consideration was understated by more than 15 per cent. The statutory scheme required a reasonable opportunity of hearing and a speaking order stating the basis for the conclusion. Here, the only comparable sale relied on involved a composite property with basement, ground and first floors, while the subject property was only a first-floor unit; the order itself acknowledged that floor-wise rates differ materially. Because no material was recorded showing the prevailing market rate for a first-floor commercial property in the locality, the order did not satisfy the statutory requirements and was quashed. en-us Thu, 30 Mar 1995 00:00:00 +0530 Mon, 02 Nov 2009 10:33:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18784 An order for pre-emptive purchase under Chapter XX-C had to be based on relevant material and on recorded grounds showing that the apparent consideration was understated by more than 15 per cent. The statutory scheme required a reasonable opportunity of hearing and a speaking order stating the basis for the conclusion. Here, the only comparable sale relied on involved a composite property with basement, ground and first floors, while the subject property was only a first-floor unit; the order itself acknowledged that floor-wise rates differ materially. Because no material was recorded showing the prevailing market rate for a first-floor commercial property in the locality, the order did not satisfy the statutory requirements and was quashed. Case-Laws Income Tax Thu, 30 Mar 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18784