9911796707
TMI Blog2009 (6) TMI 595X X X X Extracts X X X X X X X X Extracts X X X X ..... In support of the right claimed, learned counsel for the proposed applicants placed reliance upon the judgment of this court in R. S. A. No. 580 of 1987 disposed of onJuly 20, 2002. 2. The claim of the seventh respondent is seriously contested by the Department. Learned counsel for the appellant requested to reject the application. The learned counsel for the appellant also submits that the property was sold in the year 1993 and the same has been vested with the Central Government by virtue of the provisions of section 269UD of the Act. 3. Sri M. V. Sheshachala, learned counsel appearing on behalf of the Department, submits that a sum of Rs. 1,82,00,000 has already been paid in favour of the executant of the agreement. He, therefor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... une 14, 1993 issued under section 269UE(2) of the Income-tax Act (hereinafter called as the Act in short). The Supreme Court has disposed of the civil appeals-vide its judgment datedSeptember 24, 1993. The observations made in the said judgment is extracted in the impugned order and thereafter considering the statement of objections filed by the respondents herein the arguments of the learned counsel appearing for the parties were heard at length and the writ petitions were disposed of by answering both the legal contentions, namely, the principles of violation of natural justice and with regard to the comparison of the market value of the property in question made by the authority and selling the same to the Central Government. On the basi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder keeping in view the property in question. For the said purpose the Department's counsel has placed reliance on the comparative sales of the property and they are compared to the property in question. Therefore, the stand taken by the Department's counsel that the sale of the property on the basis of comparable sales does not call for interference. With reference to the said contention, the learned single judge has examined the same and held that in view of the agreement dated April 14, 1989 with reference to the land area of 14,200 sq. ft. and the old building having plinth area of 4,598 sq. ft., that the said property does not have a frontage on the Infantry Road, except for a small passage having width of 20 ft. The authority has tak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the RBI's approval is in favour of the appellant. That itself would not mean that the Department is bound by the RBI. The learned single judge having regard to the prime locality of the commercial property in Bangalore which fetches fairly more when compared to other property in the area and that the property in question is a corner plot located at the junction of Queen's Road and Infantry Road and, therefore, the learned single judge came to the conclusion at para-graph 26 of the impugned order and held that the authority after noticing the comparable sales of the situated properties has come to the conclusion that the rate of the property covered in this appeal would be Rs. 1,452 per sq. ft. Therefore, the learned single judge has held th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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