https://www.taxtmi.com/caselaws?id=64703 Chapter XXA acquisition proceedings require an independent threshold satisfaction based on relevant material showing the statutory belief under section 269C(1); the presumptions in section 269C(2) cannot substitute for that finding, and a mere recitation of tax-evasion language is insufficient. The commentary also notes that acquisition can stand only if the fair market value exceeds the apparent consideration by more than 15 per cent. On the stated facts, comparable sales and property-specific disadvantages were not properly considered, so the valuation was treated as unsupported and the statutory preconditions for acquisition were not met. en-us Wed, 30 Mar 1988 00:00:00 +0530 Sun, 08 May 2011 14:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64703 Chapter XXA acquisition proceedings require an independent threshold satisfaction based on relevant material showing the statutory belief under section 269C(1); the presumptions in section 269C(2) cannot substitute for that finding, and a mere recitation of tax-evasion language is insufficient. The commentary also notes that acquisition can stand only if the fair market value exceeds the apparent consideration by more than 15 per cent. On the stated facts, comparable sales and property-specific disadvantages were not properly considered, so the valuation was treated as unsupported and the statutory preconditions for acquisition were not met. Case-Laws Income Tax Wed, 30 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64703