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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Bill 1986: No Proceedings u/s 269C for Properties Transferred After September 30, 1986.</h1> The Finance Bill, 1986, proposes that no proceedings will be initiated under section 269C of the Income-tax Act, 1961, for properties transferred after September 30, 1986. It introduces Chapter XXC, allowing the Central Government to purchase certain immovable properties. To expedite existing proceedings under Chapter XXA, from April 1, 1986, acquisition proceedings under section 269C will not commence for properties with an apparent consideration of Rs. 5 lakhs or less. Additionally, if acquisition proceedings have already started and the property's apparent consideration is below Rs. 5 lakhs, those proceedings will be discontinued.
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