2015 (9) TMI 860

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....vaji M. Jadhav,Adv., Mr. Anish R.Shah,Adv., Mr. Vimal Chandra S. Dave,Adv. ORDER Respondent 1 (transferors) and one M/s. Atul Enterprises Pune (Respondent 6) entered into an agreement on 14.11.1994 over the land owned by Petitioners, an open plot of land of 3 hectares and 93 acres in Village Varje, Haveli Taluka, Pune, land was north of National Highway on a hilltop and consideration was Rs. 80,....

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....s erroneous as first, the Sale Instance Property (SIP) in order of 23.2.1995 was not comparable and second, even on the basis of price of SIP, it was not established that the alleged undervaluation exceeded 15% or more than the fair market value and hence order was liable to be quashed. We find from the judgment of the High Court while quashing the aforesaid action of the Revenue, that the High C....