https://www.taxtmi.com/caselaws?id=64127 For initiation of acquisition proceedings under Chapter XXA, the Competent Authority needed only a prima facie belief under Section 269C(1) read with Section 269C(2), and the jurisdictional challenge failed. On merits, however, the acquisition order could not stand because the transferee's valuation evidence and the Government valuer's report were expert material with probative value, and there were no reliable comparable sale instances or other adequate rebuttal to displace them. In those circumstances, the apparent consideration was treated as the fair market value, the basis for acquisition was not established, and the acquisition order was quashed. en-us Tue, 03 Jul 1979 00:00:00 +0530 Thu, 03 Feb 2011 19:03:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64127 For initiation of acquisition proceedings under Chapter XXA, the Competent Authority needed only a prima facie belief under Section 269C(1) read with Section 269C(2), and the jurisdictional challenge failed. On merits, however, the acquisition order could not stand because the transferee's valuation evidence and the Government valuer's report were expert material with probative value, and there were no reliable comparable sale instances or other adequate rebuttal to displace them. In those circumstances, the apparent consideration was treated as the fair market value, the basis for acquisition was not established, and the acquisition order was quashed. Case-Laws Income Tax Tue, 03 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64127