https://www.taxtmi.com/caselaws?id=28338 In acquisition proceedings under the Income-tax Act, publication of notice in the Official Gazette is mandatory, but service of notice on the transferor and transferee before that publication does not, by itself, invalidate the proceedings. The Competent Authority's initiation was sustained because inspection and valuation material provided a reasonable basis to believe that the apparent consideration was below fair market value. The fair market value was also properly assessed by the land and building method, as that was a recognised valuation approach and no reliable rental instances were shown to make the rental method obligatory. The acquisition order was therefore upheld and no question of law warranting interference was made out. en-us Fri, 17 Dec 1982 00:00:00 +0530 Sat, 20 Feb 2010 14:04:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28338 In acquisition proceedings under the Income-tax Act, publication of notice in the Official Gazette is mandatory, but service of notice on the transferor and transferee before that publication does not, by itself, invalidate the proceedings. The Competent Authority's initiation was sustained because inspection and valuation material provided a reasonable basis to believe that the apparent consideration was below fair market value. The fair market value was also properly assessed by the land and building method, as that was a recognised valuation approach and no reliable rental instances were shown to make the rental method obligatory. The acquisition order was therefore upheld and no question of law warranting interference was made out. Case-Laws Income Tax Fri, 17 Dec 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28338