9911796707
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Issues:
1. Correctness and legality of the order for purchase of property under section 269UD(1) of the Income-tax Act, 1961. 2. Adequate opportunity of hearing and breach of principles of natural justice. 3. Determination of fair market value as a condition precedent for pre-emptive purchase. 4. Application of mind by the appropriate authority in reaching a decision. 5. Compliance with statutory requirements of giving an opportunity to be heard and specifying grounds for the order. Detailed Analysis: 1. The petition challenged the order for the purchase of a property under section 269UD(1) of the Income-tax Act, 1961, questioning its correctness and legality. The property in question was part of a commercial complex, and the appropriate authority issued a notice stating the apparent consideration was understated by more than 15%. The petition raised concerns regarding the order's validity based on the facts and submissions made by the parties involved. 2. The petitioner contended that there was a lack of adequate opportunity of hearing and a breach of natural justice principles. The order was criticized for being made hastily at the close of the prescribed time-frame. The petitioner argued that the order was vitiated due to this procedural irregularity, emphasizing the importance of a fair hearing before such decisions are made. 3. Another contention was the necessity for determining the fair market value as a condition precedent for pre-emptive purchase under Chapter XX-C. The petitioner relied on a previous decision to support this argument, emphasizing the significance of accurately assessing the property's market value before resorting to such actions. The dispute centered on whether the appropriate authority had fulfilled this requirement in the present case. 4. The analysis focused on whether the appropriate authority had applied its mind adequately in reaching the decision to order pre-emptive purchase. The petitioner raised concerns about the lack of sufficient reasoning or justification in the order, suggesting a lack of proper evaluation or consideration of relevant factors. The judgment highlighted the importance of a well-reasoned decision-making process by the authority. 5. The judgment emphasized the statutory requirements of providing an opportunity to be heard and specifying grounds for the order. The court scrutinized the procedural aspects of the case, emphasizing the need for a transparent and objective decision-making process. The order was found lacking in providing clear grounds for the decision, leading to its quashing and setting aside. Overall, the court's decision in this case revolved around procedural fairness, proper application of legal principles, and adherence to statutory requirements in matters related to the purchase of property under the Income-tax Act, 1961.
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