Bombay High Court Quashes Pre-emptive Purchase Order Passed Under Section 269UD of the Income Tax Act Due to Lack of Comparable Sale Instances and Non-Tendering of Apparent Consideration Within Statutory Period. The Court Holds That Once the Basis for Presumed Undervaluation Vanishes, the Order Cannot Stand; Non-Compliance With Section 269UG Mandate Results in Abrogation and Re-Vesting Under Section 269UH.
26 Sep 2005The writ petition challenged an order dated 21st September 1993 passed by the appropriate authority under Section 269UD(1) of the Income Tax Act, 1961...
