UNION OF INDIA vs M/S CHIRANJEE ESTATE PVT. LTD.

The Supreme Court upheld the High Court's decision to set aside the order of the Appropriate Authority under Chapter XX-C of the Income Tax Act, 1961, which had ordered the acquisition of property due to alleged under-valuation. The Court found that the Appropriate Authority failed to provide a proper basis for its valuation, as it relied on irrelevant considerations and did not disclose the rationale for its conclusions. The Court emphasized the importance of comparing comparable properties in valuation assessments, leading to the dismissal of the appeal without costs.