https://www.taxtmi.com/caselaws?id=206687 Initiation of acquisition proceedings under Chapter XX-A required the competent authority to record a reasoned belief, based on relevant and tangible material, that the immovable property's fair market value exceeded the apparent consideration by the prescribed margin before issuing notice under section 269D. A belief founded on general impression, unsupported assumptions, or an untested valuation approach was insufficient. Here, the reasons relied on a comparable sale and an assumed rate escalation for semi-commercial property, but the assumption lacked supporting material and the transferee's valuer's report was not meaningfully considered. The absence of tangible material meant the statutory precondition for initiation was not met, and the acquisition proceedings were not sustainable. en-us Tue, 20 Jul 2010 00:00:00 +0530 Wed, 19 Dec 2012 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=206687 Initiation of acquisition proceedings under Chapter XX-A required the competent authority to record a reasoned belief, based on relevant and tangible material, that the immovable property's fair market value exceeded the apparent consideration by the prescribed margin before issuing notice under section 269D. A belief founded on general impression, unsupported assumptions, or an untested valuation approach was insufficient. Here, the reasons relied on a comparable sale and an assumed rate escalation for semi-commercial property, but the assumption lacked supporting material and the transferee's valuer's report was not meaningfully considered. The absence of tangible material meant the statutory precondition for initiation was not met, and the acquisition proceedings were not sustainable. Case-Laws Income Tax Tue, 20 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=206687