https://www.taxtmi.com/caselaws?id=66984 The Tribunal canceled the acquisition orders, ruling that the initiation of proceedings was invalid due to late service of notices, and the Department was estopped from proceeding based on an assurance given by the IAC. The fair market value was determined based on the rent-capitalization method, rejecting the addition of reversionary value. The Tribunal also clarified the identity of the transferor and emphasized the importance of proper approval procedures. The appeals were allowed, and the acquisition proceedings were deemed unlawful. en-us Wed, 07 May 1980 00:00:00 +0530 Tue, 08 Mar 2011 16:06:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66984 The Tribunal canceled the acquisition orders, ruling that the initiation of proceedings was invalid due to late service of notices, and the Department was estopped from proceeding based on an assurance given by the IAC. The fair market value was determined based on the rent-capitalization method, rejecting the addition of reversionary value. The Tribunal also clarified the identity of the transferor and emphasized the importance of proper approval procedures. The appeals were allowed, and the acquisition proceedings were deemed unlawful. Case-Laws Income Tax Wed, 07 May 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66984