Immovable property in respect of which
proceedings for acquisition may be taken.
28269C. (1) Where the
competent authority has reason to believe that any immovable property of a fair
market value exceeding 29[one hundred] 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 consideration for such transfer as
agreed to between the parties has not been truly stated in the instrument of
transfer with the object of—
(a) facilitating the reduction or evasion of the
liability of the transferor to pay tax under this Act in respect of any income
arising from the transfer ; or
(b) facilitating the concealment of any income or
any moneys or other assets which have not been or which ought to be disclosed
by the transferee for the purposes of the Indian Income-tax Act, 1922 (11 of
1922), or this Act or the Wealth-tax Act, 1957 (27 of 1957),
the competent authority
may, subject to the provisions of this Chapter, initiate proceedings for the
acquisition of such property under this Chapter :
Provided that before
initiating such proceedings, the competent authority 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.
(2) In any proceedings under
this Chapter in respect of any immovable property,—
(a) where the fair market value of such property
exceeds the apparent consideration therefor by more than twenty-five per cent
of such apparent consideration, it shall be conclusive proof that the consideration
for such transfer as agreed to between the parties has not been truly stated in
the instrument of transfer ;
(b) where the property has been transferred for an
apparent consideration which is less than its fair market value, it shall be
presumed, unless the contrary is proved, that the consideration for such
transfer as agreed to between the parties has not been truly stated in the
instrument of transfer with such object as is referred to in clause (a) or clause (b) of sub-section (1).