Acquisition of immovable property: non-initiation and dropping of acquisition proceedings for low-value transfers.

The Board directed that, effective 1 April 1986, acquisition proceedings under section 269C will not be initiated for immovable properties whose apparent consideration is at or below a specified threshold, and that proceedings begun by notice under section 269D will be dropped if the apparent consideration is below that threshold, as an administrative measure to finalise cases under Chapter XXA in light of proposals in the Finance Bill, 1986.

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