https://www.taxtmi.com/caselaws?id=27024 The High Court rejected the appeal in a case involving valuation discrepancies and initiation of acquisition proceedings for a plot in New Delhi. The Tribunal found the Competent Authority's actions routine and lacking discussion on valuation discrepancies, vitiating the acquisition order. Emphasizing the need for material evidence, the Tribunal clarified that fair market value must exceed apparent consideration by more than 15% for valid proceedings. Criticizing the arithmetical approach of Valuation Officers, the Tribunal stressed the importance of market-based evidence over theoretical calculations. It held that without valid evidence, the Competent Authority lacked jurisdiction to initiate acquisition proceedings. en-us Thu, 14 Mar 1985 00:00:00 +0530 Wed, 10 Feb 2010 12:27:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27024 The High Court rejected the appeal in a case involving valuation discrepancies and initiation of acquisition proceedings for a plot in New Delhi. The Tribunal found the Competent Authority's actions routine and lacking discussion on valuation discrepancies, vitiating the acquisition order. Emphasizing the need for material evidence, the Tribunal clarified that fair market value must exceed apparent consideration by more than 15% for valid proceedings. Criticizing the arithmetical approach of Valuation Officers, the Tribunal stressed the importance of market-based evidence over theoretical calculations. It held that without valid evidence, the Competent Authority lacked jurisdiction to initiate acquisition proceedings. Case-Laws Income Tax Thu, 14 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27024