https://www.taxtmi.com/caselaws?id=38906 The High Court overturned the acquisition order in a property case under the Income-tax Act, determining the fair market value at Rs. 90,000, not undervalued by more than fifteen percent. By analyzing valuation reports, sale statistics, and legal principles, the court held that the revenue failed to prove undervaluation. Emphasizing the burden of proof on revenue, the court allowed the appeal, vacated the acquisition order, and awarded costs to the appellant. The judgment highlighted the significance of accurately determining fair market value in property transactions to prevent undue acquisitions under the Act. en-us Fri, 12 Dec 1975 00:00:00 +0530 Sun, 02 May 2010 23:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38906 The High Court overturned the acquisition order in a property case under the Income-tax Act, determining the fair market value at Rs. 90,000, not undervalued by more than fifteen percent. By analyzing valuation reports, sale statistics, and legal principles, the court held that the revenue failed to prove undervaluation. Emphasizing the burden of proof on revenue, the court allowed the appeal, vacated the acquisition order, and awarded costs to the appellant. The judgment highlighted the significance of accurately determining fair market value in property transactions to prevent undue acquisitions under the Act. Case-Laws Income Tax Fri, 12 Dec 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38906