https://www.taxtmi.com/caselaws?id=26833 In fair market valuation under the comparable sales method, all materially relevant sale instances must be considered and the property's special characteristics must be factored into the comparison. The Karnataka HC note states that excluding transactions from a more important locality, relying on a single larger nearby sale without proper adjustments, or ignoring advantages and disadvantages of the properties amounts to misapplication of valuation principles and disregard of relevant evidence. On that basis, the valuation was not legally valid and the valuation orders were liable to be set aside. en-us Wed, 27 Feb 1985 00:00:00 +0530 Thu, 25 May 2017 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26833 In fair market valuation under the comparable sales method, all materially relevant sale instances must be considered and the property's special characteristics must be factored into the comparison. The Karnataka HC note states that excluding transactions from a more important locality, relying on a single larger nearby sale without proper adjustments, or ignoring advantages and disadvantages of the properties amounts to misapplication of valuation principles and disregard of relevant evidence. On that basis, the valuation was not legally valid and the valuation orders were liable to be set aside. Case-Laws Income Tax Wed, 27 Feb 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26833