9911796707
TMI Blog1995 (6) TMI 10X X X X Extracts X X X X X X X X Extracts X X X X ..... t was delivered by M. L. PENDSE, ACTG. C. J. ---This petition is filed by the proposed transferee to challenge the order dated February 16, 1995, passed by the appropriate authority under section 269UD(1) of the Income-tax Act, 1961. Malkani Interbuild had entered into an agreement dated November 10, 1994, for the transfer of office premises admeasuring 274 sq. ft. situated on the 2nd floor of M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... transfer was at least Rs. 41,10,000 and that the fair market value exceeds the apparent consideration by more than 15 per cent. The transferee thereupon filed rectification application and the same was disposed of on March 22, 1995. The present petition was filed by the transferee in this court on April 4, 1995. The petitioner moved this court for grant of ad interim stay of the proposed auction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the appropriate authority should be set aside. Learned counsel urged that the fact that the price fetched at the rate of Rs. 9,741 per sq. ft. is indicative of the fact that the assumption that the value of the property was rising is not correct. Learned counsel submitted that in June or July, 1994, the office premises on the first floor of the building where the disputed premises are situat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en after securing the ad interim order, on the next day voluntarily sought vacation of the order. In other words, the petitioner permitted the auction to proceed and the creation of right in third party. It is most improper that the authorities should be permitted to proceed with the auction and thereafter the contention should be raised that the price fetched in the auction would indicate that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the submission that the said instances relied upon by the authority are not comparable. Secondly, it is not possible to expect mathematical accuracy in determination of the fair market value. The contention that the value of the property on the western side of Vile Parle is more than the eastern side has no merit. The area where the property is situated is a commercial area and there is hardl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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