Introducing the “In Favour Of” filter in Case Laws.
- ⚖️ Instantly identify judgments decided in favour of the Assessee, Revenue, or Appellant
- 🔍 Narrow down results with higher precision
Try it now in Case Laws →
TaxTMI Login
🚀 New Feature Launched ✕
Just a moment...
Introducing the “In Favour Of” filter in Case Laws.
Try it now in Case Laws →
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Circulars
of of All Circulars
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>1972 Taxation Laws Amendments: Curbing Tax Evasion via Property Valuation, Acquisition Powers, and Benami Property Suit Restrictions.</h1> The Taxation Laws (Amendment) Act, 1972 introduces significant changes to the Income-tax, Wealth-tax, and Gift-tax Acts, primarily focusing on the valuation and acquisition of immovable properties to curb tax evasion. Key amendments include empowering the Central Government to acquire properties where declared consideration is significantly lower than the fair market value, appointing Valuation Officers for accurate asset valuation, and allowing appeals to higher authorities. The Act also outlines procedures for valuation disputes, the role of registered valuers, and the conditions under which acquisition proceedings can be initiated. Additionally, it bars suits for benami property claims without proper disclosure and provides guidelines for compensation and penalties related to property acquisition.
TaxTMI 
TaxTMI 
