https://www.taxtmi.com/caselaws?id=36842 Under Chapter XX-A of the Income-tax Act, the competent authority must form only a prima facie view of fair market value at initiation, but the acquisition decision must ultimately rest on tested and reliable comparable material. Remote sale instances cannot be rejected merely because they are earlier in time if better comparables are unavailable, while unverified offers on undisclosed conditions may be disregarded. The Tribunal erred in rejecting March 1967 sales solely as stale and in drawing conjectural conclusions without proper evidence. The matter required remand for recording evidence on comparability, local price trends, and the nature of the transactions before a fresh decision on market value. en-us Wed, 21 Nov 1979 00:00:00 +0530 Wed, 24 Mar 2010 18:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36842 Under Chapter XX-A of the Income-tax Act, the competent authority must form only a prima facie view of fair market value at initiation, but the acquisition decision must ultimately rest on tested and reliable comparable material. Remote sale instances cannot be rejected merely because they are earlier in time if better comparables are unavailable, while unverified offers on undisclosed conditions may be disregarded. The Tribunal erred in rejecting March 1967 sales solely as stale and in drawing conjectural conclusions without proper evidence. The matter required remand for recording evidence on comparability, local price trends, and the nature of the transactions before a fresh decision on market value. Case-Laws Income Tax Wed, 21 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36842