https://www.taxtmi.com/caselaws?id=18603 Pre-emptive purchase under Chapter XX-C could be exercised only if the authority recorded both that the apparent consideration was at least 15 per cent below fair market value and that the understatement was with a view to evade tax. A mere presumption of evasion from undervaluation was not enough; the order itself had to disclose application of mind and a clear positive finding on real consideration and tax evasion. Because the authority relied on a rebuttable presumption but did not record the mandatory satisfaction, the impugned order was invalid and was quashed. en-us Thu, 19 Oct 1995 00:00:00 +0530 Fri, 30 Oct 2009 16:43:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18603 Pre-emptive purchase under Chapter XX-C could be exercised only if the authority recorded both that the apparent consideration was at least 15 per cent below fair market value and that the understatement was with a view to evade tax. A mere presumption of evasion from undervaluation was not enough; the order itself had to disclose application of mind and a clear positive finding on real consideration and tax evasion. Because the authority relied on a rebuttable presumption but did not record the mandatory satisfaction, the impugned order was invalid and was quashed. Case-Laws Income Tax Thu, 19 Oct 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18603