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2004 (9) TMI 81 - PUNJAB AND HARYANA HIGH COURTAcquisition proceedings for property - Since the valuation of the property determined by the Valuation Officer on the basis of the rental yield method and also on the land and building method, exceeded the apparent consideration by more than 15 per cent, proceedings for acquisition were initiated by issue of a notice u/s 269D – In Circular No. 455 on May 16, 1986, it has been stated that where the acquisition proceedings had been initiated by issue of notice under section 269D, the proceedings would be dropped if the apparent consideration of the immovable property was below Rs. 5 lakhs - In the present case, it is clear that the apparent consideration, as per the sale deed of the property in question, is Rs. 1,25,000 and, therefore, as per the Board's circular No. 455 on May 16, 1986, itself, the proceedings are liable to be dropped. In this view of the matter, notice u/s 269D(1) is liable to be quashed on this ground alone.
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