https://www.taxtmi.com/caselaws?id=70269 The court annulled the competent authority's order and quashed the acquisition proceedings due to insufficient evidence supporting tax evasion claims. The court emphasized the necessity of concrete evidence, compliance with statutory notice requirements, and the exclusion of properties with consideration below Rs. 5 lakhs based on a CBDT circular. Additionally, the court stressed the need for separate proceedings for individual transferors and highlighted the invalidity of initiating a single proceeding for multiple transfers. en-us Tue, 31 May 1988 00:00:00 +0530 Fri, 15 Apr 2011 11:17:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70269 The court annulled the competent authority's order and quashed the acquisition proceedings due to insufficient evidence supporting tax evasion claims. The court emphasized the necessity of concrete evidence, compliance with statutory notice requirements, and the exclusion of properties with consideration below Rs. 5 lakhs based on a CBDT circular. Additionally, the court stressed the need for separate proceedings for individual transferors and highlighted the invalidity of initiating a single proceeding for multiple transfers. Case-Laws Income Tax Tue, 31 May 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70269