https://www.taxtmi.com/caselaws?id=56953 The competent authority must have reliable material showing that the apparent sale consideration was understated before invoking Chapter XX-A acquisition powers under the Income-tax Act, 1961. A valuation report prepared without proper data, relevant documents, or adequate consideration of material factors affecting value, such as the property's condition, age, shape, situation, and covered area, was held unreliable. Comparable sale instances also had not been shown to be truly comparable on relevant features. Because the statutory belief required a rational and direct connection between the material and the conclusion reached, presumptions could not replace proper initiation material. The acquisition order therefore could not be sustained. en-us Thu, 20 Oct 1983 00:00:00 +0530 Tue, 07 Dec 2010 15:07:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56953 The competent authority must have reliable material showing that the apparent sale consideration was understated before invoking Chapter XX-A acquisition powers under the Income-tax Act, 1961. A valuation report prepared without proper data, relevant documents, or adequate consideration of material factors affecting value, such as the property's condition, age, shape, situation, and covered area, was held unreliable. Comparable sale instances also had not been shown to be truly comparable on relevant features. Because the statutory belief required a rational and direct connection between the material and the conclusion reached, presumptions could not replace proper initiation material. The acquisition order therefore could not be sustained. Case-Laws Income Tax Thu, 20 Oct 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56953