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TMI Blog1992 (10) TMI 63X X X X Extracts X X X X X X X X Extracts X X X X ..... sideration by a Full Bench. The appeal is filed by the Revenue. The short facts that are necessary for considering the question are as follows : The appellant is the Revenue. The respondents are assessees to income-tax. Proceedings under Chapter XX-A of the Income-tax Act were initiated against the respondents-assessees. The said provision of law deals with acquisition of immovable properties in cases of transfer made evading payment of tax due. Under section 269D(1), a preliminary notice was served on the assessees on June 26, 1978. The valuation report was submitted by the Officer on February 14, 1979. The competent authority passed an order after hearing objections under section 269F of the Act on March 31, 1981. Aggrieved by the same, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cquisition of immovable properties under Chapter XX-A of Income-tax Act, 1961 - Guidelines - Regarding. The Finance Bill, 1986, has proposed that no proceedings shall be initiated under section 269C of the Income-tax Act, 1961, in respect of a property transferred after the 30th day of September, 1986. The Bill also proposes to insert Chapter XX-C providing for purchase by the Central Government of immovable properties in certain cases of transfer. With a view to achieve early finalisation of proceedings under the existing Chapter XX-A of the Income-tax Act, 1961, the Board has decided that with effect from April 1, 1986, acquisition proceedings under section 269C will not be initiated in respect of an immovable property for which the app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dings were over long ago resulting in the order passed by the competent authority on March 31, 1981. What is more, even the first appeal was disposed of by the Appellate Tribunal on October 31, 1981, and the appeal filed by the Revenue as early as on January 21, 1982, is pending in this court. Pendency of the proceedings before the competent authority is necessary for the applicability of the circular. No such proceedings are pending before the competent authority. We are of the view that Circular No. 455, dated May 16, 1986, has no application to the present case. Since the circular itself has no application, the binding nature of the circular does not arise for consideration and so we decline to adjudicate the said question. We decline t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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