https://www.taxtmi.com/caselaws?id=57105 The Tribunal allowed the appeal by the assessee, setting aside the Commissioner's order. It was determined that the Income Tax Officer (ITO) had appropriately conducted inquiries to ascertain the fair market value of the land as of 1st January 1954. The ITO's valuation, based on multiple sources including sale deeds and certificates from the Patwari, was deemed reasonable. The Tribunal rejected the Commissioner's contention that agricultural land values in 1954 were inaccurately assessed, finding no jurisdictional basis for intervention under the IT Act, 1961. en-us Tue, 31 Jan 1978 00:00:00 +0530 Wed, 08 Dec 2010 14:48:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57105 The Tribunal allowed the appeal by the assessee, setting aside the Commissioner's order. It was determined that the Income Tax Officer (ITO) had appropriately conducted inquiries to ascertain the fair market value of the land as of 1st January 1954. The ITO's valuation, based on multiple sources including sale deeds and certificates from the Patwari, was deemed reasonable. The Tribunal rejected the Commissioner's contention that agricultural land values in 1954 were inaccurately assessed, finding no jurisdictional basis for intervention under the IT Act, 1961. Case-Laws Income Tax Tue, 31 Jan 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57105