https://www.taxtmi.com/caselaws?id=58849 Chapter XX-A could not be invoked where the transaction was, in substance, only an assignment of lease and not a sale of immovable property; at the relevant time, such a transfer was outside the provision's scope. The preconditions for initiation of acquisition proceedings were also not met because reliable material of understatement and tax-evasion intent was lacking, and notices were not served on all persons known to be interested. The Department's valuation, based on the conveyance date and unsupported assumptions, was rejected in favour of the registered valuer's contemporaneous assessment, so understatement of consideration was not established and the acquisition order could not be sustained. en-us Fri, 14 Sep 1984 00:00:00 +0530 Fri, 21 Jun 2013 16:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58849 Chapter XX-A could not be invoked where the transaction was, in substance, only an assignment of lease and not a sale of immovable property; at the relevant time, such a transfer was outside the provision's scope. The preconditions for initiation of acquisition proceedings were also not met because reliable material of understatement and tax-evasion intent was lacking, and notices were not served on all persons known to be interested. The Department's valuation, based on the conveyance date and unsupported assumptions, was rejected in favour of the registered valuer's contemporaneous assessment, so understatement of consideration was not established and the acquisition order could not be sustained. Case-Laws Income Tax Fri, 14 Sep 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58849