Bombay High Court Quashes Preemptive Purchase Orders Under Chapter XXC of Income Tax Act — Difference in Valuation Below 15% Threshold. The Appropriate Authority's orders under section 269UD(1) were set aside as the difference between fair market value and apparent consideration was less than 15%, and no opportunity of hearing was given.
23 Dec 2011The petitioners, Pandharinath Bhikaji Telge and Dattaram Bhikaji Telge, were owners of a property in Chembur, Mumbai. They entered into an agreement t...
