https://www.taxtmi.com/caselaws?id=23516 The court ruled in favor of the petitioners in a case challenging the Competent Authority's jurisdiction under section 269D(1) of the Income-tax Act, 1961. The court found that the notice under section 269D(1) was not published in the Official Gazette within the required timeframe and lacked specificity regarding the object of understatement. Discrepancies in evaluating fair market value and proving understated consideration were noted. The court emphasized the need to satisfy all conditions before assuming jurisdiction under sections 269C/269D. As the conditions were not met, the court quashed the notice, ruling in favor of the petitioners without costs. en-us Fri, 23 Mar 1990 00:00:00 +0530 Mon, 21 Dec 2009 15:30:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23516 The court ruled in favor of the petitioners in a case challenging the Competent Authority's jurisdiction under section 269D(1) of the Income-tax Act, 1961. The court found that the notice under section 269D(1) was not published in the Official Gazette within the required timeframe and lacked specificity regarding the object of understatement. Discrepancies in evaluating fair market value and proving understated consideration were noted. The court emphasized the need to satisfy all conditions before assuming jurisdiction under sections 269C/269D. As the conditions were not met, the court quashed the notice, ruling in favor of the petitioners without costs. Case-Laws Income Tax Fri, 23 Mar 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23516