Section 269UD of ITA, 1961 : Section 269Ud: Order By Appropriate Authority For Purchase By Central Government Of Immovable Property

Explanation using Example

Example Scenario:

Mr. Sharma has agreed to sell his property in Mumbai to Mr. Gupta for Rs. 1 crore. As per the Income Tax Act, Mr. Sharma submits a statement to the appropriate authority under Section 269UC, detailing the intended sale. The appropriate authority, upon reviewing the statement, suspects that the apparent consideration (sale price) is significantly lower than the fair market value and that this transaction may be an attempt to evade taxes.

According to Section 269UD, the appropriate authority decides to exercise its power to purchase the property from Mr. Sharma at...

Login to access all pages and read more content.

To disable ads and read rest of the premium content, subscribe to KanoonGPT Pro.