Income Tax Act, 2025
Section 4: Subs. by Act 21 of 1984, s. 25, for “twenty-five thousand rupees” (w.e.f. 11984).
4. Subs. by Act 21 of 1984, s. 25, for “twenty-five thousand rupees” (w.e.f. 11984).
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(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).
269D. Preliminary notice.—(1) The competent authority shall initiate proceedings for the
acquisition, under this Chapter, of any immovable property referred to in section 269C by notice to that
effect published in the Official Gazette:
Provided that no such proceedings shall be initiated in respect of any immovable property after the
expiration of a period of 1[nine months] from the end of the month in which the instrument of transfer in
respect of such property is registered under the Registration Act, 1908 (16 of 1908), 2[or, as the case may
be, section 269AB]:
Provided further that—
(a) in a case where it is determined under sub-section (4) of section 269B by the competent
authority who has initiated proceedings for the acquisition of any immovable property under this
Chapter or by the Board that such competent authority has no jurisdiction to initiate such proceedings,
the competent authority having jurisdiction may initiate such proceedings within—
(i) the period of 1[nine months] specified in the foregoing proviso; or
(ii) a period of thirty days from the date of such determination,
whichever period expires later;
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.
In any proceedings under this Chapter in respect of any immovable property,—
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 ;
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
or clause
of sub-section
The competent authority shall initiate proceedings for the
acquisition, under this Chapter, of any immovable property referred to in section 269C by notice to that
effect published in the Official Gazette:
Provided that no such proceedings shall be initiated in respect of any immovable property after the
expiration of a period of 1[nine months] from the end of the month in which the instrument of transfer in
respect of such property is registered under the Registration Act, 1908 (16 of 1908), 2[or, as the case may
be, section 269AB]:
Provided further that—
in a case where it is determined under sub-section
of section 269B by the competent
authority who has initiated proceedings for the acquisition of any immovable property under this
Chapter or by the Board that such competent authority has no jurisdiction to initiate such proceedings,
the competent authority having jurisdiction may initiate such proceedings within—
the period of 1[nine months] specified in the foregoing proviso; or
a period of thirty days from the date of such determination,
whichever period expires later;