https://www.taxtmi.com/caselaws?id=26504 The court dismissed Income-tax Appeals Nos. 1 and 2 as barred by time, noting that no question of law was raised. It held that the non-communication of reasons for initiating proceedings did not invalidate them, citing precedent. The court upheld the Competent Authority's belief that the consideration was understated, based on statutory presumption. It approved the use of the rent capitalization method for fair market value assessment, rejecting the appellants' arguments. Ultimately, the appeals were dismissed without costs, affirming the Competent Authority's actions and valuation methods. en-us Tue, 17 Dec 1985 00:00:00 +0530 Fri, 05 Feb 2010 14:44:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26504 The court dismissed Income-tax Appeals Nos. 1 and 2 as barred by time, noting that no question of law was raised. It held that the non-communication of reasons for initiating proceedings did not invalidate them, citing precedent. The court upheld the Competent Authority's belief that the consideration was understated, based on statutory presumption. It approved the use of the rent capitalization method for fair market value assessment, rejecting the appellants' arguments. Ultimately, the appeals were dismissed without costs, affirming the Competent Authority's actions and valuation methods. Case-Laws Income Tax Tue, 17 Dec 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26504