In Brief
The Supreme Court upheld the pre-emptive purchase order issued by the income tax authorities for a plot of land with godowns in Jaipur. The authorities had determined the land's market value to be 15% higher than the sale price agreed between the buyer and seller. The Court found the valuation methodology sound, based on comparable sales with appropriate adjustments, and held that the procedural objections raised were without merit. The High Court's earlier orders approving the government's pre-emptive purchase were affirmed. However, regarding the amount deposited, the Court clarified that its disbursement should be decided by the appropriate authority under the statutory provision rather than as the High Court had directed."
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