Law:

Section:

section 269A(a)( i) of the income-tax act, 1961-what is the width and scope of the term "apparent consideration"-held that it is the consideration as specified in instrument of transfer but if besides price any consideration is agreed to be paid under the instrument it certainly amounts to "apparent consideration" section 269c of the income-tax act, 1961-acquisition of immovable property-what is the nature of the power under the section and of the proceedings in connection therewith-held that nature of the power is penal and the proceedings are quasicriminal-whether satisfaction of the competent authority is exclusively a subjective satisfaction or a subjective one based on objective facts-held that it is a subjective satisfaction based on objective facts-conditions precedent which are required to be satisfied before the competent authority can exercise his jurisdiction of initiating proceedings-when the competent authority is under obligation to initiate proceedings -held that on satisfaction of the two conditions mentioned in the section, competent authority might initiate proceedings-when acquisition proceedings are deemed to have commenced-held that till appropriate notice in gazette was not published, proceedings for acquisition are not initiated-scope and content of principles of natural justice to be observed by competent authority in the course of inquiry for acquisition-whether principles pertaining to fixation of fair market value enunciated by courts in matters of acquisition of land and building for public purpose can be wholly imported in determining fair market value in the contest of acquisition proceedings under chapter xxa-held, no-what is. the best method of valuation that may be adopted by the competent authority for finding out fair market value-held that it is desirable that competent authority might resort to checks and counter checks by applying two or all of the methods, viz., opinion of experts, price paid within reasonable time in bona fide transactions ob purchase of lands acquired or of adjacent lands, and number of years purchase of actual or immediately prospective profits of land acquired section 269D of the income-tax act,…

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