B 1/16, Hauz Khas, New Delhi in February 1987 of property bearing NO.J 10, Green Park, New Delhi and B 2/2, Safdarjung Enclave, New Delhii in February 1987.
and it was companycluded that the fair market value of the property in question was over the apparent companysideration disclosed by 28.5 per cent.
However these reasons appealed to the High Court on challenge made to the order of acquisition and the same was quashed.
meter was offered to be sold for a sum of Rs.23.50 lakhs.
The average of three sale instances was taken into account to work out the land rate of Rs.7,850/ per sq.
On an application being made in Form 37 I before the Appropriate Authority as required under Section 269 UC of the Income Tax Act, 1961 hereinafter referred to as the Act, the Appropriate Authority proceeded to take into companysideration three instances of sale made in respect of property bearing No.
B 7/118, Safdarjung Enclave Extension, New Delhi, measuring about 375 sq.
On that basis proceeded to acquire the property for the Union of India, rejecting the explanation offered by the transferor that he was desperate to sell the property in order to go abroad and settle with his only daughter in U.S.A. and that the sale instances are of incomparable properties in different areas and the adjustment can arise in cases where there is basic similarity between two properties.
Hence this appeal by special leave.
RAJENDRA BABU, J. LITTTTTTTJ By an agreement made on 21.5.1987, property bearing No.
