https://www.taxtmi.com/caselaws?id=67779 The Tribunal held that the initiation of proceedings under s. 269C(1) was improper as it solely relied on a valuation report without corroborative evidence, violating the requirement for a reasonable belief. Non-service of notices on the transferor-company and the occupant did not invalidate the proceedings due to proper representation and vacating of premises. The Tribunal found the competent authority's valuation excessive and preferred the registered valuer's approach, concluding the sale consideration represented the fair market value. Consequently, the acquisition order was canceled, and the appeals were allowed. en-us Wed, 16 Apr 1980 00:00:00 +0530 Mon, 14 Mar 2011 15:27:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67779 The Tribunal held that the initiation of proceedings under s. 269C(1) was improper as it solely relied on a valuation report without corroborative evidence, violating the requirement for a reasonable belief. Non-service of notices on the transferor-company and the occupant did not invalidate the proceedings due to proper representation and vacating of premises. The Tribunal found the competent authority's valuation excessive and preferred the registered valuer's approach, concluding the sale consideration represented the fair market value. Consequently, the acquisition order was canceled, and the appeals were allowed. Case-Laws Income Tax Wed, 16 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67779