Virgo Marketing (P.) Ltd. vs Appropriate Authority

Agreement to sell dated 29-8-1988, in petitioner''s favour with respect to the disputed property was for a consideration of Rs. 25 lakhs. On 7-11 -1988, an order was made u/s 269UD(1) of the income tax Act, 1961 by respondent No. 1 for purchase of the property on an amount equal to the apparent consideration. This order, when challenged in CW 2636 of 1988 was set aside on 22-2-1993 by following the decision of Supreme Court in C.B. Gautam Vs. Union of India and Others, . The appropriate authority was directed to take a fresh decision, keeping in view the decision of the Supreme Court and the facts of the case. It is the fresh order, passed on 26-4-1993 by the appropriate authority, which is now under challenge in this petition. In the public auction, which took place on 17-9-1993, the property was sold for a consideration of Rs. 47.30 lakhs, which was fully paid on 29-10-1993. The sale being confirmed, the possession was also handed over to Shri Mohan Mahavir Prasad Shah, the transferee of 29-10-1993. Though this fact was brought to the notice of the petitioner, no steps, till date, have been taken to implead the transferee as a party. We have also gone through the impugned order and do not find any infirmity therein. The appropriate authority has taken into consideration the sale instance of Flat No. 11B, which was having approximately same area as that of the flat in question. It was observed that this property is also located in the same complex and can be taken as the best guide for arriving at the fair market value. The appropriate authority also took note of all other relevant factors into consideration, namely, the date of transfer, the proximity of time and the advantages available and formed an opinion resulting in the impugned order. We do not find any infirmity therein.

Dismissed.