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TMI Blog1997 (8) TMI 53X X X X Extracts X X X X X X X X Extracts X X X X ..... r acquisition of the property has been quashed. The assessee-respondent purchased land measuring 70 kanals in village Jharsa, Tehsil and District Gurgaon, vide sale deed No. 2715 dated August 12, 1986, for an apparent consideration of Rs. 23,18,750. The competent authority made a reference to the District Valuation Officer, Chandigarh, on September 8, 1986. The District Valuation Officer submitted his report dated October 31, 1986, determining the fair market value at Rs. 40,01,200. The competent authority, after recording its reasons, issued notices to the transferor and the transferee under section 269D(1) of the Act on November 7, 1986. The transferee put in appearance and filed his objections. The District Valuation Officer had arri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch has been adopted 1. F. M. V. 1. 40012 sq. mt. at Rs. 113 per sq. mt. 45,21,356 2. 35409 sq. mt. at Rs. 113 per sq. mt. 40,01,217 Say: 40,01,200" The transferee replied to the notice on December 19, 1996, it was submitted by him that the method of valuation adopted by the District Valuation Officer was not correct. He submitted that the land in question is a part of the total purchases, ultimately to be developed into a colony "South City". As per the agreement with the Director, Town and Country Planning Department, Haryana, the maximum profit which could be derived by the transferee was 15 per cent. In these circumstances, the correct method was development method and not yield method, which was adopted by the District Valuati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rding the following satisfactions, passed an order under section 269F(6) for acquisition of the property in question under Chapter XXA of the Act, after taking prior approval of the Commissioner of Income-tax, Haryana, Rohtak, dated March 22/30, 1993 : "(i) the immovable property to which the proceedings relate is of a fair market value exceeding one hundred thousand rupees ; (ii) the fair market value of such property exceeds the apparent consideration therefor by more than fifteen per cent. of such apparent consideration ; and (iii) the consideration for such transfer as agreed to between the parties has not been truly stated in the instrument of transfer with such object as is referred to in clause (a) or clause (b) of sub-section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (iii) opinion of valuers or experts. The District Valuation Officer had relied upon the transfer of an area of 11 kanals 5 marlas of land for Rs. 6,12,000, located in village Sarhol on January 21, 1986. The average price per square metre came to Rs. 109.70. Taking land appreciation at 10 per cent. the price of land in August, 1986, was fixed at Rs. 116 per sq. mt. After deducting 10 per cent. for situation, the price of the land was determined at Rs. 104 per sq. mt. Admittedly, village Sarhol is at a distance of six kilometres from the land under acquisition. Fair market value has to be based on factors such as sale of properties situated in the same locality. Since the land which was treated as a comparable sale instance, is not located ..... X X X X Extracts X X X X X X X X Extracts X X X X
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