https://www.taxtmi.com/caselaws?id=64583 Chapter XXA acquisition proceedings must be supported at initiation by relevant material showing a rational nexus with the belief under section 269C(1); statutory presumptions under section 269C(2) cannot themselves establish jurisdiction. The article notes that, on the facts discussed, comparable sales supported the declared consideration, the valuation report ignored material property disadvantages, and the fair market value was not shown to exceed the apparent consideration by the requisite statutory margin. An acquisition order resting only on presumptions and lacking independent findings of understatement or illicit object is therefore unsustainable. en-us Wed, 30 Mar 1988 00:00:00 +0530 Tue, 08 Feb 2011 16:50:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64583 Chapter XXA acquisition proceedings must be supported at initiation by relevant material showing a rational nexus with the belief under section 269C(1); statutory presumptions under section 269C(2) cannot themselves establish jurisdiction. The article notes that, on the facts discussed, comparable sales supported the declared consideration, the valuation report ignored material property disadvantages, and the fair market value was not shown to exceed the apparent consideration by the requisite statutory margin. An acquisition order resting only on presumptions and lacking independent findings of understatement or illicit object is therefore unsustainable. Case-Laws Income Tax Wed, 30 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64583