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RIDE MASTER RIMS PRIVATE LIMITED is involved in a legal dispute concerning the valuation of a property sale. The company purchased 7.894 acres of land with factory buildings for Rs. 4.16 crores from M/s. Tube Investments of India Ltd. The Income Tax Department cleared the transaction. However, the Sub Registrar suspected undervaluation, leading to a reference to the DRO (Stamps). The DRO fixed the rate at Rs. 314/- per sq.ft., which was confirmed by the Inspector General of Registration. The company argues that the transaction was bonafide and the consideration was fair, challenging the arbitrary valuation by the authorities.
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