2015 (5) TMI 77

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.... appeal is admitted on the following substantial question of law: "Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal, Bangalore is right in upholding the determination of the market value of immovable property No.72, Cunningham Road, (S.R.T. Road) Bangalore at Rs. 10 lakhs as on 1st April 1981 based on the alleged agreement of sale dated 12th December ....

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....leged agreement of sale dated 12.12.1978. The Tribunal in its order, which is impugned in this appeal, has held that the suit filed by the purchaser on the basis of the agreement dated 12.12.1978 was decreed in favour of the purchaser. 5. Learned Counsel for the parties do not dispute the fact that the suit filed by the purchaser was in fact dismissed and not decreed in favour of the purchaser.....

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.... as the very basis for valuation of the property, which was the agreement for sale, was itself held not to be a valid agreement. The fair market value of the property as assessed by the Tribunal cannot be said to be a proper mode of assessment. 7. We therefore hold that the fair market value of the property as determined by the Tribunal, was without any proper basis. We thus answer the question....