https://www.taxtmi.com/caselaws?id=37605 Acquisition proceedings under Chapter XX-A can be initiated only when, at the time of commencement, the competent authority has pre-existing material reasonably supporting the belief required by section 269C(1) that the property was transferred for apparent consideration below fair market value with understatement linked to tax evasion or concealment. Presumptions under section 269C(2) cannot replace that foundational material. Here, initiation rested mainly on an estimate of land value, without proper regard to the premises being fully tenanted or the rental basis relevant to fair market value, and a later valuation report could not cure the defect. The proceedings were therefore without jurisdiction. en-us Mon, 26 Feb 1979 00:00:00 +0530 Tue, 30 Mar 2010 18:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37605 Acquisition proceedings under Chapter XX-A can be initiated only when, at the time of commencement, the competent authority has pre-existing material reasonably supporting the belief required by section 269C(1) that the property was transferred for apparent consideration below fair market value with understatement linked to tax evasion or concealment. Presumptions under section 269C(2) cannot replace that foundational material. Here, initiation rested mainly on an estimate of land value, without proper regard to the premises being fully tenanted or the rental basis relevant to fair market value, and a later valuation report could not cure the defect. The proceedings were therefore without jurisdiction. Case-Laws Income Tax Mon, 26 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37605