https://www.taxtmi.com/caselaws?id=18611 Pre-emptive purchase under Chapter XX-C can be exercised only if the authority records reasoned satisfaction that the apparent consideration is understated with a view to evading tax, not on undervaluation alone. A presumption of tax evasion may arise where the undervaluation exceeds the statutory threshold, but that presumption is rebuttable and cannot replace the authority's own recorded finding on the nexus between undervaluation and evasion. An order that merely states that the apparent consideration is below fair market value and that the property is fit for purchase is insufficient and unsustainable for want of the requisite tax-evasion finding. en-us Fri, 20 Oct 1995 00:00:00 +0530 Fri, 30 Oct 2009 17:06:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18611 Pre-emptive purchase under Chapter XX-C can be exercised only if the authority records reasoned satisfaction that the apparent consideration is understated with a view to evading tax, not on undervaluation alone. A presumption of tax evasion may arise where the undervaluation exceeds the statutory threshold, but that presumption is rebuttable and cannot replace the authority's own recorded finding on the nexus between undervaluation and evasion. An order that merely states that the apparent consideration is below fair market value and that the property is fit for purchase is insufficient and unsustainable for want of the requisite tax-evasion finding. Case-Laws Income Tax Fri, 20 Oct 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18611