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TMI Blog1986 (4) TMI 143X X X X Extracts X X X X X X X X Extracts X X X X ..... t Rs. 30,000, as a result of which the fair market value of the entire property was taken at Rs. 2,10,000. After going through this report, the IAC (Acq.) initiated acquisition proceedings under section 269D of the Income-tax Act and issued notices to the purchasers. By the subsequent letters, it was further pointed out that the agricultural land was situated near Vinod Nagar and the same was surrounded by lands of others on three sides and Kacha Rasta on one side. Atleast half of the land would have to be left for roads. Moreover, this was agricultural land and conversion charges at Rs. 18 per sq. yd. and development charges would have to be paid to the State Govt. The agricultural land within Municipal limits was exempt from liability to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 per cent of the sale price. The IAC(Acq.) therefore, acquired all the lands in question. The assessees have come up in appeals before us. 3. We heard the representatives of the parties at length in these appeals. The representative of the assessee filed a lengthy paper book in support of the various contentions raised by him. The most of these papers relate to other sales in the locality and were directed towards the fact that the sale prices in question were fair estimates of market value which in any case could not exceed Rs. 25,000. Apart from that he raised a number of legal issues that the onus of proving that the sales price did not reflect the true market value was on the Department and the mere report of an Inspector was not suf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... these lands into residential lands. The lands purchased by the parties were still described as agricultural lands in the record and no permission had been secured to convert them into residential lands. In fact, there were limitation on such conversion. Unfortunately, except for filing objections, before the IAC(Acq) the appellants did not produce any evidence of the kind which they have done now. Although the case was adjourned one or two occasions, no detailed enquiry into the objections was made by the IAC(Acq.) nor did the assessees choose to put in the evidence which Mr. Ranka has put forward before us. We really regret to observe that the procedure adopted by the IAC(Acq.) in the present case was rather extremely brief, and the detail ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reasonable opportunity to the appellants to produce all the evidence in support of their contentions and in the light of our aforesaid observations. For statistical purpose these appeals shall be deemed to have been allowed as such. . Kalyanasundharam, Judicial Member - I concur with the final conclusion arrived at by my learned brother. However, I would like to add that the Inspector's report indicating sale prices of adjoining land does not at all bring out the salient similarities of the nature of the lands so sold. In all such matters, what is important is that the sale instances have to be of identical nature of lands, not only of adjoining lands. If the adjoining lands are converted as housing plots unauthorisedly and sold as such, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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