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TMI Blog1998 (5) TMI 49X X X X Extracts X X X X X X X X Extracts X X X X ..... . 2. Briefly the facts The aforesaid land was owned by the assessee. It was transferred for an apparent consideration of Rs. 26,20,187. Notice of enquiry before initiating acquisition proceedings under section 269C of the Act was issued on8-9-1986. On the said date reference was made to the D.V.O.,Chandigarh, for valuing the above said property. It was valued by the DVO at Rs. 45,21,000. The valuation report was forwarded by him on31st October, 1986. 3. Another property in its vicinity was purchased by the Uniteck Industries Ltd. for an apparent consideration of Rs. 23,18,750. The amount involved was less than Rs. 25,00,000, but since this case was found to be connected with the case under reference and Deputy CIT (Acquisition) held that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed Departmental Representative submitted that since no time limit was prescribed for the completion of the acquisiton proceedings, therefore, it is not open for the assessee to make objection on this count. It was further stated that revenue was not solely responsible for the delay. At times assessee also prayed for adjournments. The delay is, therefore, attributable to the assessee also. He further relied on the order of the D.C. (Acquisition), to support this point. 6. We have heard the rival submissions in the light of material placed before us and precedents relied upon. It has been well said, declared Lord Coke: "Interest republicaut sit finis litum" The expression loses its tersness in translation, but what Lord Coke emphasised, in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nordinate delay and the penalty should be levied within a reasonable time. 8. It is palpable from the perusal of the provisions contained in Chapter 20-A that a sense of urgency in the disposal of these proceedings is hidden. Section 269-F of the Act prescribes no time-limit in making an order of acquisition after hearing the objection of the parties. As per the prescription of this section if the competent authority is satisfied that the fair market value of the immovable property exceeded the apparent consideration by more than 15 per cent and the consideration for such transfer had not been truly stated in the instrument of transfer, he may make an order of acquisition. Upon acquisition the transferee is paid compensation under section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hould be exercised within a reasonable time, least it be as Democles's word hanging over the head of the assessee for all times. 11. We have perused the records. There is absolutely nothing to justify the delay caused in passing the impugned order. It is abundantly clear that there was excessive deferment of the action which the D.C. (Acquisition) was bound to take under section 269-F of the Act. Revenue failed to give any cogent reasoning for inordinate and inexcusable delay. This, in our opinion, is sufficient to vitiate the order. 12. The order of the Hon'ble Punjab & Haryana High Court in the case of Uniteck Industries (Pvt.) Ltd. was also placed before us. We find that this is the sister-concern of the assessee-company. Its valuation ..... X X X X Extracts X X X X X X X X Extracts X X X X
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