https://www.taxtmi.com/caselaws?id=67930 Acquisition of two shops under Chapter XXA for alleged gross undervaluation was held unsustainable because the rent-capitalisation valuation, after repairs and collection charges, did not establish that the apparent consideration was grossly inadequate. The surrounding circumstances, including sale resolutions, the Sub-Registrar's rejection of the undervaluation objection, and the fact that proceedings stemmed from a private complaint rather than departmental initiation, showed that acquisition was not justified. The Board's circular also supported the view that acquisition proceedings were not intended for minor transactions with low apparent consideration. The appeals were allowed. en-us Thu, 30 Oct 1986 00:00:00 +0530 Tue, 15 Mar 2011 17:25:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67930 Acquisition of two shops under Chapter XXA for alleged gross undervaluation was held unsustainable because the rent-capitalisation valuation, after repairs and collection charges, did not establish that the apparent consideration was grossly inadequate. The surrounding circumstances, including sale resolutions, the Sub-Registrar's rejection of the undervaluation objection, and the fact that proceedings stemmed from a private complaint rather than departmental initiation, showed that acquisition was not justified. The Board's circular also supported the view that acquisition proceedings were not intended for minor transactions with low apparent consideration. The appeals were allowed. Case-Laws Income Tax Thu, 30 Oct 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67930