https://www.taxtmi.com/caselaws?id=19780 Pre-emptive purchase under Chapter XX-C is valid only where the appropriate authority, on evidence and with reasons, finds apparent consideration to be at least 15 per cent below fair market value. Where sale instances are relied upon, all materially relevant comparable sales and the property's special features must be examined and reasoned upon. The commentary states that failure to evaluate nearer comparable instances, to determine a definite fair market value, and to show undervaluation of the statutory threshold renders the purchase order arbitrary and illegal. en-us Wed, 27 Jul 1994 00:00:00 +0530 Mon, 09 Nov 2009 16:49:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19780 Pre-emptive purchase under Chapter XX-C is valid only where the appropriate authority, on evidence and with reasons, finds apparent consideration to be at least 15 per cent below fair market value. Where sale instances are relied upon, all materially relevant comparable sales and the property's special features must be examined and reasoned upon. The commentary states that failure to evaluate nearer comparable instances, to determine a definite fair market value, and to show undervaluation of the statutory threshold renders the purchase order arbitrary and illegal. Case-Laws Income Tax Wed, 27 Jul 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19780