https://www.taxtmi.com/caselaws?id=36514 The court concluded that the competent authority lacked sufficient material to satisfy the conditions precedent for the exercise of powers under Section 269C of the Income Tax Act. It held that the transfer between a holding company and its wholly-owned subsidiary at book value did not aim to facilitate tax evasion. Therefore, the court quashed the notices issued under Section 269D(1) and directed the respondents to refrain from further action, awarding costs to the petitioners. en-us Tue, 05 Feb 1980 00:00:00 +0530 Mon, 22 Mar 2010 18:38:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36514 The court concluded that the competent authority lacked sufficient material to satisfy the conditions precedent for the exercise of powers under Section 269C of the Income Tax Act. It held that the transfer between a holding company and its wholly-owned subsidiary at book value did not aim to facilitate tax evasion. Therefore, the court quashed the notices issued under Section 269D(1) and directed the respondents to refrain from further action, awarding costs to the petitioners. Case-Laws Income Tax Tue, 05 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36514