Proceedings u/s 269E(1) of Income Tax Act, 1961.

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....) were later on dropped by the IACs (Acq.) without recording any reasons for dropping the acquisition proceedings. In some of these cases the fair market value of the property as determined by the Valuation Cell happen to be more than 15% of the apparent consideration. The Receipt Audit has taken an objection against such action on part of IACs. (Acq.). 2.Board desires that while dropping the p....