https://www.taxtmi.com/caselaws?id=10694 Acquisition proceedings initiated under Chapter XX-A of the Income-tax Act were to be dropped where the apparent consideration of the immovable property fell below the limit prescribed in CBDT Circular No. 455 dated 16.05.1986. The circular directed that proceedings already initiated under section 269D be discontinued in such cases, and the position was supported by earlier binding precedent approved by the Supreme Court. As the property was sold for an apparent consideration below Rs. 5 lakhs, the notice initiating acquisition proceedings could not survive and was quashed. en-us Wed, 15 Sep 2004 00:00:00 +0530 Tue, 21 Jul 2009 16:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10694 Acquisition proceedings initiated under Chapter XX-A of the Income-tax Act were to be dropped where the apparent consideration of the immovable property fell below the limit prescribed in CBDT Circular No. 455 dated 16.05.1986. The circular directed that proceedings already initiated under section 269D be discontinued in such cases, and the position was supported by earlier binding precedent approved by the Supreme Court. As the property was sold for an apparent consideration below Rs. 5 lakhs, the notice initiating acquisition proceedings could not survive and was quashed. Case-Laws Income Tax Wed, 15 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10694