https://www.taxtmi.com/caselaws?id=36051 Chapter XX-A requires the competent authority to form a reasoned pre-notice belief on available material before initiating acquisition proceedings, and section 269C(2) presumption operates only after proceedings have begun; it cannot be used to justify the initial belief under section 269C(1). The notices were also stated to be invalid because they wrongly treated the confirming party as a transferor and proceeded on an incorrect assumption of possible collusion in understatement of consideration, despite the transfer being by the Life Insurance Corporation of India. On that footing, the statutory basis for initiation was absent and the notices were liable to be quashed. en-us Tue, 24 Mar 1981 00:00:00 +0530 Fri, 19 Mar 2010 10:59:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36051 Chapter XX-A requires the competent authority to form a reasoned pre-notice belief on available material before initiating acquisition proceedings, and section 269C(2) presumption operates only after proceedings have begun; it cannot be used to justify the initial belief under section 269C(1). The notices were also stated to be invalid because they wrongly treated the confirming party as a transferor and proceeded on an incorrect assumption of possible collusion in understatement of consideration, despite the transfer being by the Life Insurance Corporation of India. On that footing, the statutory basis for initiation was absent and the notices were liable to be quashed. Case-Laws Income Tax Tue, 24 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36051