https://www.taxtmi.com/caselaws?id=59968 Chapter XXA acquisition requires both a valid initiation based on recorded material and satisfaction of the statutory value threshold. Publication of notice in the official gazette is treated as the initiation requirement, while later individual notices under section 269D(2) are procedural and do not vitiate proceedings absent prejudice where the parties had knowledge and participated. On valuation, the property must be assessed as a whole using comparable sales, appropriate deductions for encumbrances and building condition, and realistic adjustments for depreciation and fittings. Scrap value is inappropriate. If the fair market value does not exceed the statutory margin over the apparent consideration, the acquisition cannot stand and the presumption of understatement is rebutted on the facts. en-us Wed, 23 Dec 1981 00:00:00 +0530 Mon, 03 Jan 2011 11:08:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59968 Chapter XXA acquisition requires both a valid initiation based on recorded material and satisfaction of the statutory value threshold. Publication of notice in the official gazette is treated as the initiation requirement, while later individual notices under section 269D(2) are procedural and do not vitiate proceedings absent prejudice where the parties had knowledge and participated. On valuation, the property must be assessed as a whole using comparable sales, appropriate deductions for encumbrances and building condition, and realistic adjustments for depreciation and fittings. Scrap value is inappropriate. If the fair market value does not exceed the statutory margin over the apparent consideration, the acquisition cannot stand and the presumption of understatement is rebutted on the facts. Case-Laws Income Tax Wed, 23 Dec 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59968