https://www.taxtmi.com/caselaws?id=27678 In pre-emptive acquisition proceedings under Chapter XX-A of the Income-tax Act, fair market value must be assessed by comparing truly comparable sales in the same locality and around the relevant date. The Court held that the Tribunal erred by rejecting relevant comparable instances on unsound grounds and by failing to consider the Gurdev Nagar sales collectively through a cumulative average. On the proper valuation approach, the land value, with the superstructure added, did not cross the statutory margin needed to support acquisition, so the presumption of understatement was not sustainable. The acquisition order was therefore set aside, and the assessee succeeded. en-us Wed, 21 Mar 1984 00:00:00 +0530 Mon, 15 Feb 2010 13:20:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27678 In pre-emptive acquisition proceedings under Chapter XX-A of the Income-tax Act, fair market value must be assessed by comparing truly comparable sales in the same locality and around the relevant date. The Court held that the Tribunal erred by rejecting relevant comparable instances on unsound grounds and by failing to consider the Gurdev Nagar sales collectively through a cumulative average. On the proper valuation approach, the land value, with the superstructure added, did not cross the statutory margin needed to support acquisition, so the presumption of understatement was not sustainable. The acquisition order was therefore set aside, and the assessee succeeded. Case-Laws Income Tax Wed, 21 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27678