Acquisition of undervalued property to counteract tax evasion allows government to acquire and compensate transferees. Chapter XXA empowers a competent authority to initiate acquisition of immovable property when it has reason to believe the fair market value exceeds the apparent consideration and the transfer was intended to facilitate reduction or concealment of taxable income. Proceedings begin with a Gazette notice, service and local publication, and allow prescribed objections and hearings; after Commissioner approval and finalisation through appeal stages, possession vests in the Central Government and compensation equals the apparent consideration plus an additional statutory percentage, subject to adjustments for damage or post-transfer improvements and court determination where disputes arise.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Acquisition of undervalued property to counteract tax evasion allows government to acquire and compensate transferees.
Chapter XXA empowers a competent authority to initiate acquisition of immovable property when it has reason to believe the fair market value exceeds the apparent consideration and the transfer was intended to facilitate reduction or concealment of taxable income. Proceedings begin with a Gazette notice, service and local publication, and allow prescribed objections and hearings; after Commissioner approval and finalisation through appeal stages, possession vests in the Central Government and compensation equals the apparent consideration plus an additional statutory percentage, subject to adjustments for damage or post-transfer improvements and court determination where disputes arise.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
