https://www.taxtmi.com/caselaws?id=37539 The court found the initiation of acquisition proceedings invalid due to the competent authority's flawed reasoning. The interpretation of "apparent consideration" was clarified to include specified considerations in the transfer instrument. Violations of natural justice principles were noted, emphasizing the need for disclosure and fairness. Fair market value determination methods were discussed, advocating for a comprehensive approach. The Commissioner's mechanical approval process was criticized, leading to a remand for fresh determination. The appeals were allowed, orders set aside, and cases remanded for proper assessment in line with court guidelines. Cross-objections by respondent-transferees were dismissed. en-us Thu, 25 Jan 1979 00:00:00 +0530 Tue, 30 Mar 2010 13:40:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37539 The court found the initiation of acquisition proceedings invalid due to the competent authority's flawed reasoning. The interpretation of "apparent consideration" was clarified to include specified considerations in the transfer instrument. Violations of natural justice principles were noted, emphasizing the need for disclosure and fairness. Fair market value determination methods were discussed, advocating for a comprehensive approach. The Commissioner's mechanical approval process was criticized, leading to a remand for fresh determination. The appeals were allowed, orders set aside, and cases remanded for proper assessment in line with court guidelines. Cross-objections by respondent-transferees were dismissed. Case-Laws Income Tax Thu, 25 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37539