1991 (4) TMI 111

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..... nder the U. P. Co-operative Societies Act, 1965 (hereinafter referred to as "the Act"), having aims and objects of acquiring land and distributing the same to its members for the purpose of construction of houses. The controversy raised in the present writ petition centres round the question which has arisen in view of the letter sent by the Commissioner of Income-tax (Central), Kanpur, to the I .....

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..... tji Agarwal, senior standing counsel appearing for the Income-tax Department, has made a clear statement, on the basis of annexures 1 and 2 written by the Income-tax Department that the no objection certificate which is being required under section 230A of the Act relates only to those cases where the value of the property to be transferred is more than Rs. two lakhs. Of course, it has been urged .....

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..... f the property sought to be transferred in accordance with the circle rates fixed by the Collector concerned and in case the value of the property sought to be transferred is more than Rs. 2 lakhs, he will insist on production of a no-objection certificate under section 230A of the Act. In other cases, where the value of the property according to the circle rates fixed by the Collector concerned d .....

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