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Issues involved:
The petitioners challenged the order passed by the Appropriate Authority u/s 269UD of the Income Tax Act, 1961, seeking a writ for issuance of a no objection certificate u/s 269UL(2) and restoration of a flat in Mumbai. Summary: Issue 1: Disputed Title and Transaction Date The petitioners entered into agreements regarding the sale of a property with various parties, facing disputes and uncertainties. The transaction date was contested, with substantial payments made in 1988. Issue 2: Appropriate Authority's Order The Appropriate Authority passed an order directing the purchase of the property, which was challenged by the petitioners. The court set aside the initial order due to lack of hearing, citing legal precedents. Issue 3: Fair Market Value Determination The petitioners objected to the lack of determination of fair market value and discrepancies in the comparison of sale instances. The Appropriate Authority's order was deemed baseless and contrary to legal standards. Issue 4: Non-Application of Mind and Breach of Natural Justice The Appropriate Authority failed to consider crucial factors, relied on a previously set-aside order, and did not provide necessary documents. This lack of due process constituted a breach of natural justice. Conclusion: The court quashed the impugned order, ruling in favor of the petitioners due to the absence of fair market value determination, discrepancies in sale instance comparisons, and violations of natural justice principles. The petition was allowed with costs.
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