APPROPRIATE AUTHORITY vs KAILASH SUNEJA

The Supreme Court examined the valuation of property under the Income Tax Act, specifically addressing the Appropriate Authority's determination of fair market value as per Section 269U. The Court upheld the principle that the Appropriate Authority's conclusions regarding fair market value, based on relevant materials, should not be treated as subject to appeal. The Court affirmed the valuation process used by the Appropriate Authority, rejecting the High Court's adjustments as perverse, and held that the fair market value of the property was correctly assessed at Rs. 1,26,45,000, significantly higher than the apparent consideration of Rs. 79 lakhs.