2001 (8) TMI 6 - SC - Income Tax

Order for pre-emptive purchase by central government - Two valuation reports obtained before the issue of show-cause notice did not indicate any undervaluation - moreover the instance of property No. A-32 relied upon by the parties was rejected on irrelevant consideration - view taken by the High Court cannot be faulted with at all and the basis indicated in the order of the High Court as summarized is sufficient to set aside the order made by the Appropriate Authority.

Summary

The Supreme Court judgment involved a property dispute in East of Kailash, New Delhi, regarding undervaluation for income tax purposes. The Appropriate Authority's order for property acquisition was challenged, citing discrepancies in valuation and comparison of properties. The High Court's decision to set aside the Authority's order was upheld by the Supreme Court, dismissing the appeal.