https://www.taxtmi.com/caselaws?id=66488 Acquisition under Chapter XX-A required objective material existing at the time of notice to form a rational belief that the fair market value exceeded the apparent consideration and that understatement served the prohibited object; the inspector's report alone was insufficient, and later material could not cure the defective foundation. The presumptions under section 269C(2) were rebuttable and could operate only after valid initiation, not to justify commencement. On the facts, the alleged secret agreement and later affidavit were rejected, the transferor's first statement and comparable sale instances supported the declared price, and the acquisition order was unsustainable. en-us Thu, 27 Nov 1986 00:00:00 +0530 Fri, 25 Feb 2011 13:21:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66488 Acquisition under Chapter XX-A required objective material existing at the time of notice to form a rational belief that the fair market value exceeded the apparent consideration and that understatement served the prohibited object; the inspector's report alone was insufficient, and later material could not cure the defective foundation. The presumptions under section 269C(2) were rebuttable and could operate only after valid initiation, not to justify commencement. On the facts, the alleged secret agreement and later affidavit were rejected, the transferor's first statement and comparable sale instances supported the declared price, and the acquisition order was unsustainable. Case-Laws Income Tax Thu, 27 Nov 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66488