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TMI Blog2002 (2) TMI 69X X X X Extracts X X X X X X X X Extracts X X X X ..... come-tax Act, 1961, reads as under: "269UC. (1) Notwithstanding anything contained in the Transfer of Property Act, 1882 (4 of 1882), or in any other law for the time being in force, no transfer of any immovable property in such area and of such value exceeding five lakh rupees, as may be prescribed, shall be effected except after an agreement for transfer is entered into between the person who intends transferring the immovable property (hereinafter referred to as the transferor) and the person to whom it is proposed to be transferred (hereinafter referred to as the transferee) in accordance with the provisions of sub-section (2) at least four months before the intended date of transfer. (2) The agreement referred to in sub-section (1) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is Form No. 37-I: "(i) Copy of sanctioned/actual/tentative building plan with area chart (floor wise) thereon. (ii) The portion under transfer of owners share is shown on the relevant drawing along with detailed specification thereof. (iii) Copy of the completion year of constructions of the existing structure and likely date of commencement and completion of new construction. (iv) Details of tenancies with copies of all possible documents/information in support thereof links/relation of the tenants with transferor(s)/transferee(s)/confirming parties and that functionaries. Also the actual expenditure (annual) for repairs, maintenance and taxes on the tenanted portions borne by the transferor(s). (v) Details of all pending dues o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .m. on July 15, 1997. You are requested to arrange for the same and be present in this office yourself or through your authorised person on above date." The requisite information was not supplied to the Appropriate Authority. Again on October 22, 1997, the Appropriate Authority asked the petitioner to furnish some more information. Even then the required information was also not supplied. On August 29, 1997, the Appropriate Authority under Chapter XX-C of the Income-tax Act again called upon the petitioner to submit details of built up residential/commercial areas to the shares of the owner and those going to the developers. It is mentioned in the order that in the absence of these details, it was not possible to correctly evaluate the bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mment/local authority have not yet given permission for construction of commercial complex in a residential locality. Therefore, keeping in view the exact areas to be constructed for residential/corrunercial complex in the project have not been identified so far and as such it is not possible to work out the exact fair market value of the property unless complete information is provided in Form No. 37-I. The Commissioner again gave an opportunity to the petitioner to supply the necessary information and details of the construction with respect to the sanctioned plan. The petitioner instead of supplying the information desired by the Appropriate Authority rushed to this court and filed this petition invoking extraordinary jurisdiction of thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eemed never to have been furnished." Mr. Jolly, learned senior standing counsel for the Income-tax Department, submitted that the object of incorporating this sub-section was to give an opportunity to the party to remove the defects in the application submitted under Form No. 37-I of the Income-tax Act. Mr. Jolly has drawn our attention to Circular No. 717 (see [1995] 215 ITR (St) 70) of the Income-tax Department. The relevant portion of the circular reads as under: "Many High Courts have held that the provisions of Chapter XXC allow the Income-tax Department to either purchase the property or issue a no objection certificate in response to an application for no objection certificate in Form No. 37-I. There is no third alternative. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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