fair market value of the property and that due to the undervaluation, tax is going to be evaded. In the present case, nothing ... resorted to only when there is significant undervaluation in the agreement of sale with a view to evade tax.
(ii) An order of compulsory purchase
upon by the appropriate authority are taken into consideration, there is no undervaluation in excess of 15 per cent. of fair market value which ... cases where there is an attempt at tax evasion by significant undervaluation of immovable property agree to be sold. Considering the stand of the Union
authority that the property sought to be compulsorily purchased significantly has been undervalued.
30. The fact that the nature of the enquiry under the provisions ... purpose of finding out whether any attempt has been made to undervalue the property for the purpose of evading tax. Mere undervaluation simpliciter, therefore
property under consideration towards south."
5. The appropriate authority noticed undervaluation of the property, therefore drew a presumption that undervaluation of the property ... that the transaction entered into between the petitioner and the company as undervaluation of the property with a view to evade tax. Counsel also submitted
appropriate authority reached the tentative conclusion that the transaction has been undervalued and, therefore, the transferees addressed a letter to the appropriate authority dated March ... reasons for reaching the tentative conclusion that the transaction has been undervalued have not been disclosed. A grievance was made that in the absence
available FSI i.e. 56,473 sq ft. thus showing an
unwarranted undervaluation.
8. Moreover, as rightly contended by Shri Mohta the authorities have
treated ... mtrs
whereas the subject land which is said to have been undervalued is 2,024 sq
mtrs. It is well known that the price
because the Appropriate Authority had not given any finding that the alleged undervaluation was done with a view to evade tax.
4. The learned counsel ... land in question and, therefore, there was no question of any undervaluation.
5. The learned counsel for the petitioners then submitted that the impugned order
because the Appropriate Authority had not given any finding that the alleged undervaluation was done with a view to evade tax.
The learned counsel ... laying down that in order to draw inference of undervaluation, it is necessary to determine first the fair market value of the property in question
factors but not the sole basis to support a charge of undervaluation. Be that as it may, the appellant's case is that ... menace of tax evasion in the backdrop of complaints that parties were undervaluing transactions by recording lower consideration amount than actually paid or promised
show-cause notice by respondent No. 1 stating that he has undervalued the property and, therefore, the Appropriate Authority, Lucknow, proposed to exercise a right ... lend support to the Revenue except, where the sale property is undervalued to the extent of 15 per cent. or more, there could
