2008 (12) TMI 211

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....titioners, thereafter preferred rectification application and the same was rejected by order dated September 7, 1993, which is annexed at exhibit "N" to the petition. 2. So far as petitioners Nos.1 and 2 are concerned, they are purchasers of the flat sold by petitioners Nos.3 and 4. A show-cause notice dated July 14, 1993, was issued for acquiring the said property under the provisions of section 269UD (1) of the Act. By the impugned order (exhibit "E"), the appropriate authority, after considering the sale transaction, came to the conclusion that the fiat in question is superior as compared to other fiats regarding whose transaction reliance was made on behalf of the petitioners. The authority found that the rate worked out at Rs. 5,074....

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....". 4. The learned counsel appearing for the petitioners submitted that the authority has not taken care to arrive at a correct market value by taking into consideration various sale instances produced before it. It is submitted that the authority is required to fix the fair market value after considering the relevant sale instances in the area. It is further submitted that before passing the impugned order at exhibit "E", the petitioners were not given reasonable opportunity to defend their case. It is further submitted that various sale instances, on which reliance is placed by the petitioners, have not been taken into consideration at all by the authority before passing the order. Copy of such sale instances have been annexed with the ....

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....red to be noted that the area of flat is 1880 square feet, discounted value of sale consideration is Rs. 96,39,983 and on the basis of the said rate, the rate per square feet comes to Rs. 5,128 and market rate per square feet  considered by the authority is Rs. 6,000 as per the valuation fixed by the authority. If 15 per cent, is adjusted from the said rate fixed by the authority, it comes to Rs. 5,100. Going by the said calculation, the rate of the concerned property worked out by the authority is Rs. 5,128 and the same is within 15 per cent, of prescribed limit. This aspect is not in dispute. In view of the Supreme Court judgment in the case of C. B. Gautain [1993] 199 ITR 530, normally within the aforesaid bracket of 15 per cent., a....