| Case ID |
384b1eec-87aa-4e03-ab52-65bc685d9c1a |
| Body |
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| Case Number |
WRIT PETITION No. 554 OF 1993 |
| Decision Date |
Sep 11, 2007 |
| Hearing Date |
|
| Decision |
The Bombay High Court allowed the petition filed by Vishwa Bandhu Pearyelal Gupta, challenging the order dated February 25, 1993, passed by the appropriate authority under section 269UD(1) of the Income-tax Act, 1961. The court found that the appropriate authority had not determined the fair market value of the property in question, which was a prerequisite for establishing any undervaluation. The court noted that the property was situated at Versova, while the sale instances cited by the appropriate authority were from Juhu, indicating a significant difference in valuation. The decision emphasized the necessity of adhering to principles of natural justice, as the authority failed to provide necessary documents and consider the petitioners' objections. Consequently, the court ruled that the impugned order could not be sustained and was quashed. |
| Summary |
In the case of Vishwa Bandhu Pearyelal Gupta vs. S.K. Laul Appropriate Authority, the Bombay High Court addressed a critical issue regarding the purchase of immovable property under the Income-tax Act, 1961. The petitioner challenged the order of the appropriate authority that sought to purchase a property without first determining its fair market value, a requirement established by precedent. The court highlighted the importance of fair market valuation and the principles of natural justice in administrative proceedings. The ruling reinforces the need for authorities to substantiate claims of undervaluation with appropriate evidence, ensuring that property transactions are conducted transparently and fairly. This case underscores the role of the judiciary in safeguarding the rights of individuals against arbitrary state actions and the necessity for regulatory compliance in property transactions. |
| Court |
Bombay High Court
|
| Entities Involved |
Not available
|
| Judges |
F.I. Rebello,
J.P. Devadhar
|
| Lawyers |
P.J. Pardiwala,
R. Ashokan
|
| Petitioners |
Vishwa Bandhu Pearyelal Gupta
|
| Respondents |
S.K. Laul Appropriate Authority
|
| Citations |
2008 SLD 4004,
(2008) 302 ITR 157
|
| Other Citations |
C.B. Gautam v. UOI [1993] 199 ITR 530,
Vimal Agarwal v. Appropriate Authority [1994] 210 ITR 16
|
| Laws Involved |
Income-tax Act, 1961
|
| Sections |
269UC,
269UD(1)
|