https://www.taxtmi.com/caselaws?id=21331 Under Chapter XX-C, the Appropriate Authority's power is confined to a binary choice: it may either order pre-emptive purchase within the prescribed time or, if that power is not exercised, issue the no objection certificate. It cannot reject Form No. 37-I or refuse clearance on a third ground such as alleged artificial bifurcation, defect, or commercial inconvenience in the transaction. The statutory scheme in section 269UC read with Rule 48L does not authorise a refusal outside that choice, so the rejection of the statement and denial of the certificate were unjustified. en-us Thu, 19 Dec 1991 00:00:00 +0530 Sat, 21 Nov 2009 16:02:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21331 Under Chapter XX-C, the Appropriate Authority's power is confined to a binary choice: it may either order pre-emptive purchase within the prescribed time or, if that power is not exercised, issue the no objection certificate. It cannot reject Form No. 37-I or refuse clearance on a third ground such as alleged artificial bifurcation, defect, or commercial inconvenience in the transaction. The statutory scheme in section 269UC read with Rule 48L does not authorise a refusal outside that choice, so the rejection of the statement and denial of the certificate were unjustified. Case-Laws Income Tax Thu, 19 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21331