TaxTMI 
TaxTMI 
1981 (9) TMI 91
X X X X Extracts X X X X
X X X X Extracts X X X X
....6 of the Constitution of India the petitioners are challenging the legality of the notice under s. 269D(1) of the Income-tax Act, 1961 (hereinafter referred to as " the Act "), served on the petitioners by the competent authority, namely, the Inspecting Assistant Commissioner of Income-tax, Acquisition Range I, Bombay, on August 27, 1974. The facts which have given rise to these proceedings are....
X X X X Extracts X X X X
X X X X Extracts X X X X
....hat the Cornpetent Authority has reason to believe that the immovable property, the value of which exceeds Rs. 25,000, has been transferred by the trustees in favour of the petitioners for an apparent consideration which is less than the fair market value of the property. The notice was issued by the Competent Authority as the transfer attracted the provisions of s. 269C of the Act giving rise to ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e competent authority has reason to believe that any immovable property of a fair market value exceeding twenty-five thousand rupees has been transferred by a person (hereafter in this Chapter referred to as the transferor) to another person (hereafter in this Chapter referred to as the transferee) for an apparent consideration which is less than the fair market value of the property and that the ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... shall record his reasons for doing so: Provided further that no such proceedings shall be initiated unless the competent authority has reason to believe that the fair market value of the property exceeds the apparent consideration therefor by more than fifteen per cent. of such apparent consideration." The plain reading of this section indicates that the competent authority can assume juris....