https://www.taxtmi.com/caselaws?id=18215 The Tribunal set aside the acquisition order as the competent authority lacked sufficient material to initiate proceedings under section 269C of the Income-tax Act. The Valuation Officer's report did not adequately determine the fair market value, leading to the order being overturned. The High Court upheld this decision, emphasizing the lack of substantial evidence supporting the acquisition initiation. The issue of compliance with section 269D was not extensively addressed, with the Court dismissing Revenue's appeals and imposing costs on the appellants. en-us Wed, 22 Nov 1995 00:00:00 +0530 Tue, 29 Sep 2009 15:22:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18215 The Tribunal set aside the acquisition order as the competent authority lacked sufficient material to initiate proceedings under section 269C of the Income-tax Act. The Valuation Officer's report did not adequately determine the fair market value, leading to the order being overturned. The High Court upheld this decision, emphasizing the lack of substantial evidence supporting the acquisition initiation. The issue of compliance with section 269D was not extensively addressed, with the Court dismissing Revenue's appeals and imposing costs on the appellants. Case-Laws Income Tax Wed, 22 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18215