https://www.taxtmi.com/caselaws?id=31267 The court quashed the order under Section 269UD(1) of the Income Tax Act due to serious flaws, including the failure to determine fair market value before alleging undervaluation. It emphasized the importance of considering all circumstances for accurate undervaluation assessment. As fair market value was not established and sale instance details were not provided for inspection, the alleged undervaluation could not be proven. The court ruled in favor of the petitioners, citing breach of natural justice principles and making the rule absolute without costs. en-us Mon, 03 Sep 2007 00:00:00 +0530 Sat, 25 Oct 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31267 The court quashed the order under Section 269UD(1) of the Income Tax Act due to serious flaws, including the failure to determine fair market value before alleging undervaluation. It emphasized the importance of considering all circumstances for accurate undervaluation assessment. As fair market value was not established and sale instance details were not provided for inspection, the alleged undervaluation could not be proven. The court ruled in favor of the petitioners, citing breach of natural justice principles and making the rule absolute without costs. Case-Laws Income Tax Mon, 03 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31267