https://www.taxtmi.com/caselaws?id=56512 Chapter XXA acquisition proceedings require relevant material with a direct nexus to the statutory belief that apparent consideration was understated with the prohibited object; an inspector's report not available for scrutiny, a blank fair market value note, and no valuation report at the time of initiation were insufficient. The Tribunal also noted that tenanted, rent-controlled property with restrictive lease conditions should be valued by the rent-yield approach, with tenant liabilities and reversionary factors reflected in the valuation. On the material accepted, the statutory margin above apparent consideration was not established, so acquisition could not be sustained. en-us Tue, 25 Oct 1983 00:00:00 +0530 Sat, 04 Dec 2010 11:43:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56512 Chapter XXA acquisition proceedings require relevant material with a direct nexus to the statutory belief that apparent consideration was understated with the prohibited object; an inspector's report not available for scrutiny, a blank fair market value note, and no valuation report at the time of initiation were insufficient. The Tribunal also noted that tenanted, rent-controlled property with restrictive lease conditions should be valued by the rent-yield approach, with tenant liabilities and reversionary factors reflected in the valuation. On the material accepted, the statutory margin above apparent consideration was not established, so acquisition could not be sustained. Case-Laws Income Tax Tue, 25 Oct 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56512