https://www.taxtmi.com/caselaws?id=22319 Chapter XX-A acquisition proceedings were not sustainable because the valuation material was treated as unreliable: the Competent Authority relied on small freehold comparables without properly adjusting for the larger leasehold property, urban land ceiling restrictions, low floor area ratio, limited redevelopment potential, and the area's L & D.O. rates. The alleged tenancy was also material to value, but no proper enquiry was made into it. As Chapter XX-A provisions were regarded as penal in nature, strict application was required, and the material was found insufficient to support initiation or continuation of acquisition. The issue whether the presumption under section 269C(2) was available at the initiation stage was left open. en-us Tue, 05 Feb 1991 00:00:00 +0530 Wed, 09 Dec 2009 11:44:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22319 Chapter XX-A acquisition proceedings were not sustainable because the valuation material was treated as unreliable: the Competent Authority relied on small freehold comparables without properly adjusting for the larger leasehold property, urban land ceiling restrictions, low floor area ratio, limited redevelopment potential, and the area's L & D.O. rates. The alleged tenancy was also material to value, but no proper enquiry was made into it. As Chapter XX-A provisions were regarded as penal in nature, strict application was required, and the material was found insufficient to support initiation or continuation of acquisition. The issue whether the presumption under section 269C(2) was available at the initiation stage was left open. Case-Laws Income Tax Tue, 05 Feb 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22319