1990 (8) TMI 59

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..... etent Authority to issue the notice dated July 14, 1987, under section 269D of the Income-tax Act, 1961. An agreement was entered into between Kapadia Development Co-operative Society Ltd., M/s. Century Builders and the petitioner-company on August 26, 1986. The terms of the agreement broadly are that the petitioner-company in consideration of the society's and builders' allowing and permitting th .....

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..... e under section 269UL(3) was granted by the appropriate authority on February 18, 1987. The effect of the certificate was that the appropriate authority had no objection to the transfer of the property as per statement in Form No. 37-I. The certificate is issued with out prejudice to any income-tax proceedings pending or contemplated under or any other provisions of the Act. Subsequently, the Co .....

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..... f today that, after the appropriate authority issues a no objection certificate under section 269UL(3), it is not open to the Competent Authority to initiate proceedings for acquisition under section 269C/269D in view of the Board's Circular dated August 11, 1988. It has also been held that the Competent Authority's not stating clearly in the notice as to whether the object of understatement of co .....

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