Appropriate Authority & Anr vs Kailash Suneja & Anr

The Supreme Court addressed the valuation of property under the Income Tax Act, specifically in relation to the Appropriate Authority's determination of fair market value as per Section 269U. The Court held that the Appropriate Authority's valuation should be accepted unless proven perverse, reaffirming the principle established in Appropriate Authority & Anr. vs. Sudha Patil (Smt.) & Anr., 1998 (8) SCC 237. The Court found that the adjustments made by the Appropriate Authority were justified and upheld the valuation of the property at Rs.1,26,45,000, which was significantly higher than the apparent consideration of Rs.79 lakhs.