https://www.taxtmi.com/caselaws?id=56950 Initiation of acquisition proceedings under Chapter XXA requires the competent authority to have relevant material showing understatement of sale consideration with the specified tax-evasion object under section 269C(1). The text notes that, where the property was agricultural land in a village and both parties were agriculturists with no material indicating income-tax or wealth-tax liability, mere understatement in an inspector's report was insufficient. It further states that the presumptions in section 269C(2) do not apply at the stage of forming the initial belief under section 269C(1). On that basis, the acquisition proceedings were treated as not validly initiated and the acquisition order as unsustainable. en-us Mon, 21 Mar 1983 00:00:00 +0530 Tue, 07 Dec 2010 15:01:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56950 Initiation of acquisition proceedings under Chapter XXA requires the competent authority to have relevant material showing understatement of sale consideration with the specified tax-evasion object under section 269C(1). The text notes that, where the property was agricultural land in a village and both parties were agriculturists with no material indicating income-tax or wealth-tax liability, mere understatement in an inspector's report was insufficient. It further states that the presumptions in section 269C(2) do not apply at the stage of forming the initial belief under section 269C(1). On that basis, the acquisition proceedings were treated as not validly initiated and the acquisition order as unsustainable. Case-Laws Income Tax Mon, 21 Mar 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56950