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TMI Blog2004 (1) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... e deed to the Income-tax Department and after obtaining tax clearance - Tribunal held that from the material on record, it was not proved that the fair market value of the property in question as on the date of transfer was more than 15% of the consideration shown in the instrument of transfer. - As correctly stated by the Tribunal, one cannot compare the price of a plot admeasuring 367 sq. yards with a plot admeasuring 15,666 sq. yards – Revenue appeal dismissed X X X X Extracts X X X X X X X X Extracts X X X X ..... receiving the objections from the parties, the competent authority arrived at a conclusion that the value of the property on December 15, 1978, would be Rs. 60,61,000 and on February 12,1975, the value was Rs. 22,95,000. Thus there was a difference on the date and agreement as well. The order was passed for acquisition of property against, which an appeal was preferred before the Appellate Tribunal, which after hearing the parties and on appreciation of evidence, reversed the order made by the competent authority and hence the Revenue is before this court by way of this appeal. The Tribunal has observed that the competent authority did not make any attempt to investigate into the more important part of the proceedings, namely, whether ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y large one admeasuring 15,666 sq. yards. The Tribunal also observed that purchasers for such big and highly priced properties were rare. It is also known to every one that a big plot of this size is required to be used either for housing accommodation or commercial complex, in respect of which a layout plan will have to be prepared and at least 40% of the land will have to be reserved for paths and passages as per the municipal regulations. It is also required to be noted that the prices of big plots of land could not be compared with smaller plots. It is in this context that it is worth referring to the Tribunal's order that no material was placed before it, about the sizes of the plots leased out by the Government and the nature of the d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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