https://www.taxtmi.com/caselaws?id=25690 Under Chapter XX-A of the Income-tax Act, the acquisition notice was supported by definite material, including an earlier higher sale agreement, a later sale at a much lower apparent consideration, and an affidavit from the earlier proposed transferee. The presumptions in section 269C(2) were not the sole basis for initiation; the Tribunal also considered surrounding circumstances, oral evidence, valuation material, comparable sales and party conduct and concluded that the apparent consideration did not reflect the real transaction value. Challenges to valuation and understatement were treated as factual matters, and no question of law arose from the Tribunal's order. The acquisition order was upheld. en-us Mon, 06 Oct 1986 00:00:00 +0530 Sat, 30 Jan 2010 12:04:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25690 Under Chapter XX-A of the Income-tax Act, the acquisition notice was supported by definite material, including an earlier higher sale agreement, a later sale at a much lower apparent consideration, and an affidavit from the earlier proposed transferee. The presumptions in section 269C(2) were not the sole basis for initiation; the Tribunal also considered surrounding circumstances, oral evidence, valuation material, comparable sales and party conduct and concluded that the apparent consideration did not reflect the real transaction value. Challenges to valuation and understatement were treated as factual matters, and no question of law arose from the Tribunal's order. The acquisition order was upheld. Case-Laws Income Tax Mon, 06 Oct 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25690