APPROPRIATE ATY. & COMMR., INCOME TAX vs VARSHABEN BHARATBHAI SHAH

The Supreme Court upheld the High Court's decision to quash the order of pre-emptive purchase under Chapter XX-C of the Income Tax Act, 1961, stating that the transfer of property by co-owners, where each received less than Rs.25 lakhs, did not attract the provisions of the Act. The Court emphasized the importance of natural justice, noting that the Revenue failed to provide necessary valuation reports to the respondents. The ruling followed the precedent set in K.V. Kishore & Anr. vs. Appropriate Authority & Ors. (189 I.T.R. 264).