https://www.taxtmi.com/caselaws?id=63721 Initiation of acquisition proceedings under Chapter XXA was upheld where the Competent Authority relied on valuation material, recorded reasons and issued the preliminary notice on that basis; the printed form of notice did not by itself show non-application of mind, and the presumption under section 269C(2) was treated as available at the initiation stage. However, acquisition ultimately failed because the Department's comparable sales were not sufficiently similar to the property's interior location and different locational advantages, while the assessee's comparables undermined any reliable finding that fair market value exceeded apparent consideration by the statutory margin. The acquisition order was therefore unsustainable. en-us Fri, 18 Nov 1988 00:00:00 +0530 Tue, 01 Feb 2011 15:05:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63721 Initiation of acquisition proceedings under Chapter XXA was upheld where the Competent Authority relied on valuation material, recorded reasons and issued the preliminary notice on that basis; the printed form of notice did not by itself show non-application of mind, and the presumption under section 269C(2) was treated as available at the initiation stage. However, acquisition ultimately failed because the Department's comparable sales were not sufficiently similar to the property's interior location and different locational advantages, while the assessee's comparables undermined any reliable finding that fair market value exceeded apparent consideration by the statutory margin. The acquisition order was therefore unsustainable. Case-Laws Income Tax Fri, 18 Nov 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63721