1976 (11) TMI 61

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....tsar City, for a sum of Rs. 25,760 for 28/100 share, Rs. 23,000 for 25/100 share, Rs. 25,760 for 28/100 share and Rs. 17,480 for 19 /100 share, respectively, to Khushal Chand, Prem Chand, Jagdish Lal and Abinashi Lal. On September 6, 1973, the Inspecting Assistant Commissioner of Income-tax, Acquisition Range, Amritsar (hereinafter referred to as the " competent authority "), initiated acquisition proceedings in respect of each of the sales referred to above on the ground that the fair market value of the property relating to each of the sales exceeded the apparent consideration thereof by more than 15%. While doing so, he relied upon the report of Shri P. N. Rao, valuation officer, who fixed the value of this property at Rs. 1,80,000 ca....

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....on, the impugned property was held to be not acquirable. The revenue has come up in appeal before us. The principal argument raised by Shri D. N. Awasthy, the learned counsel for the revenue, is that the Appellate Tribunal should have determined the fair market value of the property in dispute on the basis of the cost of land and the building. He has further submitted that the transferee-respondents themselves relied upon a report of the valuer which indicated the cost of the property at Rs. 1,20,360 when calculated on this basis. Since this value showed a difference of more than 15% between the fair market value of the property and the apparent consideration, the Appellate Tribunal was not justified in reversing the order passed by the ....