https://www.taxtmi.com/caselaws?id=27565 Initiation of acquisition proceedings under section 269C requires material showing both a statutory margin between fair market value and apparent consideration and that the stated consideration was untrue with the object of tax evasion. An erroneous valuation report based on an incorrect assumption about vacant property, where the conveyance showed retained rights over unsold flats, could not by itself supply the requisite belief. In the absence of independent material beyond that unsafe valuation, the competent authority lacked jurisdiction to commence proceedings, and the statutory presumption under section 269C(2) was unavailable at the initiation stage. en-us Tue, 08 Nov 1983 00:00:00 +0530 Sat, 13 Feb 2010 15:59:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27565 Initiation of acquisition proceedings under section 269C requires material showing both a statutory margin between fair market value and apparent consideration and that the stated consideration was untrue with the object of tax evasion. An erroneous valuation report based on an incorrect assumption about vacant property, where the conveyance showed retained rights over unsold flats, could not by itself supply the requisite belief. In the absence of independent material beyond that unsafe valuation, the competent authority lacked jurisdiction to commence proceedings, and the statutory presumption under section 269C(2) was unavailable at the initiation stage. Case-Laws Income Tax Tue, 08 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27565