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TMI Blog2004 (9) TMI 81X X X X Extracts X X X X X X X X Extracts X X X X ..... , proceedings for acquisition were initiated by issue of a notice u/s 269D – In Circular No. 455 on May 16, 1986, it has been stated that where the acquisition proceedings had been initiated by issue of notice under section 269D, the proceedings would be dropped if the apparent consideration of the immovable property was below Rs. 5 lakhs - In the present case, it is clear that the apparent consid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... et value of the said property at Rs. 1,86,500 by applying the rental yield method. The competent authority also worked out the fair market value on the land and building method as well. The value of super structure was determined at Rs. 1,52,760 to which the value of land was added at Rs. 30,960. Since the valuation of the property determined by the Valuation Officer on the basis of the rental yie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al in this court being Income-tax Appeal No. 15 of 1978. The said appeal was allowed and the matter was remitted back to the Tribunal for fresh adjudication on the merits vide order dated July 16, 1987. Against the said order, the Revenue filed a special leave petition before the Supreme Court which was dismissed vide order dated April 18, 1988. It is at this stage that the petitioner filed this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted by issue of notice under section 269D, the proceedings would be dropped if the apparent consideration of the immovable property was below Rs. 5 lakhs. This court in CIT v. Export India Corporation P. Ltd. [1996] 219 ITR 461 has held that on the basis of the said circular the proceedings have to be dropped even in cases where appeals were pending in the High Court. The judgment of this court in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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