https://www.taxtmi.com/caselaws?id=64583 Acquisition under Chapter XXA requires relevant material establishing a rational and direct nexus with the belief required for initiation. Statutory presumptions of understatement cannot be treated as conclusive at that stage or replace independent proof of understatement or an illicit object. Comparable sales supported the apparent consideration, while the valuation report did not account for material disadvantages affecting the property. As the fair market value was not proved to exceed the apparent consideration by the requisite statutory margin, the acquisition order lacked the statutory conditions for validity and was quashed. 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 Acquisition under Chapter XXA requires relevant material establishing a rational and direct nexus with the belief required for initiation. Statutory presumptions of understatement cannot be treated as conclusive at that stage or replace independent proof of understatement or an illicit object. Comparable sales supported the apparent consideration, while the valuation report did not account for material disadvantages affecting the property. As the fair market value was not proved to exceed the apparent consideration by the requisite statutory margin, the acquisition order lacked the statutory conditions for validity and was quashed. Case-Laws Income Tax Wed, 30 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64583