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of <h1>Authority can acquire property if sale price is 15% below market value to prevent tax evasion under relevant rules</h1> Where the competent authority believes that immovable property valued over one hundred thousand rupees has been transferred for consideration significantly below its fair market value, with the intent to evade tax or conceal income or assets, it may initiate acquisition proceedings. Such proceedings require recorded reasons and are only initiated if the fair market value exceeds the stated consideration by more than fifteen percent. In these proceedings, if the fair market value exceeds the consideration by over twenty-five percent, it is conclusively proven that the consideration was understated. Additionally, if the consideration is less than the fair market value, it is presumed, unless disproved, that the transfer was made to evade tax or conceal income or assets under relevant tax laws.
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