Administering of provisions of Ch.XXC.

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..... chapter XXC. In this context it is observed that there is a need to reiterate the fundamental objectives of the provisions of Chapter XXC and to adopt a general policy of moderation by the AAs while considering cases for passing orders of pre-emptive purchase. 2. The main objective of the provisions of Chapter XXC is to check proliferation of black money in real estate transactions and to enforc .....

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..... ice or the apparent consideration. Thus, the right of pre-emptive purchase has to be exercised only if the fair market value is found to be atleast 15% more than the apparent consideration. This limit of 15% is not to be applied mechanically and in a strictly technical manner. A reasonable margin for probable errors in estimation needs to be made, particularly in view of the fact that the law does .....

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