https://www.taxtmi.com/caselaws?id=78063 Pre-emptive purchase under Chapter XX-C requires a notice that clearly discloses the material and basis for alleging undervaluation, so the affected party has a real opportunity to object; a vague notice lacking supporting material breaches natural justice and is invalid. The authority must also make a reasoned determination of fair market value on comparable and relevant sale data; reliance on an incomparable sale instance, without proof of undervaluation, cannot sustain action under section 269UD(1). On these principles, the impugned notice and consequential pre-emptive purchase action were quashed. en-us Thu, 11 Sep 2008 00:00:00 +0530 Thu, 28 Oct 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78063 Pre-emptive purchase under Chapter XX-C requires a notice that clearly discloses the material and basis for alleging undervaluation, so the affected party has a real opportunity to object; a vague notice lacking supporting material breaches natural justice and is invalid. The authority must also make a reasoned determination of fair market value on comparable and relevant sale data; reliance on an incomparable sale instance, without proof of undervaluation, cannot sustain action under section 269UD(1). On these principles, the impugned notice and consequential pre-emptive purchase action were quashed. Case-Laws Income Tax Thu, 11 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78063