Union Of India & Anr vs M/S Chiranji Estate (P) Ltd. & Anr

The Supreme Court upheld the High Court's decision regarding the acquisition of property under Chapter XX-C of the Income Tax Act, 1961, emphasizing that the Appropriate Authority's valuation was flawed due to reliance on irrelevant comparisons and lack of transparency in determining property values. The Court noted that the basis for concluding the fair market value exceeded the permissible limit was not adequately disclosed, leading to the dismissal of the appeal against the High Court's order. The judgment reinforces the principle that comparable properties must be appropriately assessed to ensure fair valuation.