https://www.taxtmi.com/caselaws?id=17960 Where co-owners each hold a distinct legal share in inherited property, a single agreement executed jointly does not by itself create one composite transfer for purposes of Chapter XX-C of the Income-tax Act, 1961. The value of each co-owner's share must be examined separately, and the pre-emptive purchase machinery cannot be triggered by aggregating the value of separate shares when each falls below the statutory threshold. On that basis, the pre-emptive purchase order was found unsustainable and was quashed, with consequential relief granted to the petitioners. en-us Fri, 31 Jan 1997 00:00:00 +0530 Fri, 25 Sep 2009 17:44:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17960 Where co-owners each hold a distinct legal share in inherited property, a single agreement executed jointly does not by itself create one composite transfer for purposes of Chapter XX-C of the Income-tax Act, 1961. The value of each co-owner's share must be examined separately, and the pre-emptive purchase machinery cannot be triggered by aggregating the value of separate shares when each falls below the statutory threshold. On that basis, the pre-emptive purchase order was found unsustainable and was quashed, with consequential relief granted to the petitioners. Case-Laws Income Tax Fri, 31 Jan 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17960