https://www.taxtmi.com/caselaws?id=35672 For acquisition under Chapter XX-A of the Income-tax Act, the competent authority must have relevant pre-initiation material to form the requisite belief that statutory conditions exist; the presumption under section 269C(2) cannot be used to justify initiation itself, so a notice based only on a valuation report was invalid. The property's fair market value had to be assessed as actually transferred, including its undivided one-third share character and tenancy burdens. On the corrected valuation, the apparent consideration did not fall short of fair market value by more than the statutory margin, so the acquisition order could not be sustained and the proceedings were quashed. en-us Tue, 05 May 1981 00:00:00 +0530 Tue, 16 Mar 2010 10:20:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35672 For acquisition under Chapter XX-A of the Income-tax Act, the competent authority must have relevant pre-initiation material to form the requisite belief that statutory conditions exist; the presumption under section 269C(2) cannot be used to justify initiation itself, so a notice based only on a valuation report was invalid. The property's fair market value had to be assessed as actually transferred, including its undivided one-third share character and tenancy burdens. On the corrected valuation, the apparent consideration did not fall short of fair market value by more than the statutory margin, so the acquisition order could not be sustained and the proceedings were quashed. Case-Laws Income Tax Tue, 05 May 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35672