9911796707
TMI Blog1987 (9) TMI 17X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 lakhs by way of earnest money and the balance of Rs. 18 lakhs was payable at the time of registration of the sale deed. The statement of transfer was furnished by the petitioner as required under section 269UC of the Income-tax Act. The Central Government, by the impugned order dated May 18, 1987, decided to purchase this property at an amount equal to the apparent consideration. The provisions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f section 269UD has been made has to surrender or deliver possession thereof to the appropriate authority within 15 days of the service of the order on him. Respondent No. 3 offered to give possession and the Income-tax Department actually took possession of the property on June 10, 1987. The stay order made by this court on the writ petition staying the operation of the impugned order dated May 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e property on June 10, 1987. It would be wholly inequitable to deprive respondent No. 3 of the purchase price as well as the possession of the property. We, therefore, direct the Government to deliver back the possession of the property to respondent No. 3 immediately. Counsel for respondent No. 3 says that the consideration was urgently required to meet other demands of respondent No. 3. We, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty without possession to the extent of 50% of the sale consideration. 5. In the event of the writ petition being dismissed, respondent No. 3 shall hand over possession to the Income-tax Department within one month. 6. The question of payment of interest will be determined at the time of disposal of the writ petition. C.Ms. are disposed of in the above terms. - - TaxTMI - TMITax - ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
