https://www.taxtmi.com/caselaws?id=38405 In proceedings under Chapter XXA, fair market value of transferred plots must be determined on the basis of material communicated to the parties and on relevant, rational valuation criteria. Where the Tribunal relies on undisclosed auction information and then fixes value by selectively choosing comparable rates without a sound factual foundation, the valuation suffers from breach of natural justice and irrelevant consideration. The order sustaining acquisition could not stand, and the matter required fresh determination of fair market value in accordance with law by the competent authority. en-us Wed, 08 Dec 1976 00:00:00 +0530 Tue, 06 Apr 2010 10:41:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38405 In proceedings under Chapter XXA, fair market value of transferred plots must be determined on the basis of material communicated to the parties and on relevant, rational valuation criteria. Where the Tribunal relies on undisclosed auction information and then fixes value by selectively choosing comparable rates without a sound factual foundation, the valuation suffers from breach of natural justice and irrelevant consideration. The order sustaining acquisition could not stand, and the matter required fresh determination of fair market value in accordance with law by the competent authority. Case-Laws Income Tax Wed, 08 Dec 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38405