Section 269E of Income Tax Act "Objections"
269E. (1) Objections against the acquisition of the
immovable property in respect of which a notice has been
published in the Official Gazette under sub-section (1) of
section 269D may be made-
(a) by the transferor or the transferee or any other person
referred to in clause (a) of sub-section (2) of that
section, within a period of forty-five days from the date of
such publication or a period of thirty days from the date of
service of notice on such person under the said clause,
whichever period expires later ;
(b) by any other person interested in such immovable
property, within forty-five days from the date of such
publication.
(2) Every objection under sub-section (1) shall be made to
the competent authority in writing.
(3) For the removal of doubts, it is hereby declared that
objection may be made under sub-section (1) that the
provisions of clause (a) of sub-section (2) of section 269C
do not apply in relation to any immovable property on the
ground that the fair market value of such property does not
exceed the apparent consideration therefor by more than
twenty-five per cent of such apparent consideration.
269F. (1) The competent authority shall fix a day and
place for the hearing of the objections made under section
269E against the acquisition under this Chapter of any
immovable property, and shall give notice of the same to
every person who has made such objection :
Provided that such notice shall also be given to the
transferee of such property even if he has not made any such
objection.
(2) Every person to whom a notice is given under sub-section
(1) shall have the right to be heard at the hearing of the
objections.
(3) The competent authority shall have the power to adjourn
the hearing of the objections from time to time.
(4) The competent authority may, before disposing of the
objections, make such further inquiry as he thinks fit.
(5) The decision of the competent authority in respect of
the objections heard shall be in writing and shall state the
reasons for the decision with respect to each objection.
(6) If after hearing the objections, if any, and after
taking into account all the relevant material on record, the
competent authority is satisfied that,-
(a) the immovable property to which the proceedings relate
is of a fair market value exceeding one hundred thousand
rupees ;
(b) the fair market value of such property exceeds the
apparent consideration therefor by more than fifteen per
cent of such apparent consideration ; and
(c) 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) of section 269C,
he may, after obtaining the approval of the Principal
Commissioner or Commissioner, make an order for the
acquisition of the property under this Chapter.
Explanation.-In this sub-section, "Principal Commissioner or
Commissioner", in relation to a competent authority, means
such Principal Commissioner or Commissioner as the Board
may, by general or special order in writing, specify in this
behalf.
(7) If the competent authority is not satisfied as provided
in sub-section (6), he shall, by order in writing, declare
that the property will not be acquired under this Chapter.
(8) The competent authority shall serve a copy of his order
under sub-section (6) or sub-section (7), as the case may
be, on the transferor, the transferee and on every person
who has made objections against such acquisition under
section 269E.
(9) In any proceedings under this Chapter in respect of any
immovable property, no objection shall be entertained on the
ground that although the apparent consideration for the
property is less than the fair market value of the property
on the date of the execution of the instrument of transfer
or where such property is of the nature referred to in
sub-clause (ii) of clause (e) of section 269A on the date of
the transfer, the consideration as agreed to between the
parties has been truly stated in the instrument of transfer
because such consideration was agreed to having regard to
the price that such property would have ordinarily fetched
on such transfer in the open market on the date of the
conclusion of the agreement to transfer the property, except
where such agreement has been registered under the
Registration Act, 1908 (16 of 1908).