9911796707
TMI Blog2006 (10) TMI 87X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of Chapter XX-C of the Income Tax Act, 1961, they filed the necessary Form 37-I for approval of the said transaction on October 15, 1992. 3. Petitioners No.3 and 4 received a notice dated December 15, 1992 from the Appropriate Authority. This notice stated that they should show cause as to why an order should not be made in their case under section 269UD(1) of the Income Tax Act. They were asked to attend before the Appropriate Authority on December 22, 1992. 4. The petitioners accordingly attended before the Appropriate Authority and filed their written statement on December 22 1992. In this statement, they cited two instances of transaction in the same building. One was Flat No.104 on the first floor having an area of 915 sq.ft. bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.19 lakhs. As far as that transaction is concerned, the Appropriate Authority consisting of the very three officers has granted a certificate under section 269UL(3) of the Income Tax Act accepting that there was no undervaluation. 7. Alternatively, she submitted that even if one takes the figures which are disclosed in the order, it is seen that this flat on the 10th floor was sold at the rate of Rs.3352 per sq.ft. The order itself records that the present flat was sold at the rate of Rs.3164 per sq.ft. Even if these two figures are taken together, it will mean that the petitioners' flat has undergone a transaction at a rate which is less by Rs.188 which is hardly 5 per cent. or so when compared to Rs.3352 which is the rate of the trans ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o we may not treat it as a comparable instance. The other flat in the "C" Wing on the 10th floor is identical to the one which is involved in the present transaction and, as stated above, even as per the calculations reflected in the order of the Appropriate Authority, there is no undervaluation to the tune of 15 per cent. involved in the present petition. 10. This being the position, we have no alternative but to quash and set aside the order which has been impugned in the present petition. Accordingly Rule is made absolute and the decision and the order dated December 30, 1992 passed by the Appropriate Authority is hereby quashed and set aside. There will be no order as to costs. 11. When the petition was admitted on January 28 1993, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
