https://www.taxtmi.com/caselaws?id=23382 Jurisdiction to initiate acquisition proceedings under Chapter XXA depends on a prior independent "reason to believe" under section 269C(1) that the apparent consideration was materially understated and that the understatement was for tax evasion or concealment. The presumptions in section 269C(2) operate only after valid jurisdiction is assumed and cannot themselves supply the basis for issuing notice under section 269D(1). A notice reflecting uncertainty about the statutory object, including use of "and/or", indicates non-application of mind and failure to satisfy the jurisdictional conditions. en-us Thu, 05 Apr 1990 00:00:00 +0530 Fri, 18 Dec 2009 17:26:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23382 Jurisdiction to initiate acquisition proceedings under Chapter XXA depends on a prior independent "reason to believe" under section 269C(1) that the apparent consideration was materially understated and that the understatement was for tax evasion or concealment. The presumptions in section 269C(2) operate only after valid jurisdiction is assumed and cannot themselves supply the basis for issuing notice under section 269D(1). A notice reflecting uncertainty about the statutory object, including use of "and/or", indicates non-application of mind and failure to satisfy the jurisdictional conditions. Case-Laws Income Tax Thu, 05 Apr 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23382