9911796707
TMI Blog1985 (3) TMI 56X X X X Extracts X X X X X X X X Extracts X X X X ..... Das and Dwarka Das, sale consideration being Rs. 60,000. The information in Form No. 37-G bearing No. 2456 was received in respect of this property from the Sub-Registrar, Kanpur, on September 22, 1974. Upon receiving this information, the Competent Authority referred under s. 269L to the Valuation Officer for determining the fair market value of the property in question as on the date of execution of the sale deed, i.e., September 5, 1973, registered on September 17, 1973. The Valuation Officer found that the fair market value of the house in question was Rs. 92,600 as against the apparent consideration of Rs. 60,000. Thus, according to him, there was a difference of Rs. 32,600 between the fair market value and the apparent consideratio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 269D(1) had been issued on the basis of the market value of the house on September 5, 1973, whereas the sale consideration of Rs. 60,000 had been agreed to between the parties on the basis of the agreement dated September 19, 1972. In response to the notice under s. 269D(1), the transferor, Asuda Singh, had not filed any objections. After hearing the objections, the Competent Authority found that the three conditions mentioned in subs. (6) of s. 269F were satisfied. Hence, on that basis, he after obtaining the approval of the Commissioner, made an order for the acquisition of the property bearing No. 122/722 under Chapter XXA of the I.T. Act. Aggrieved by the judgment of the Competent Authority, Jumramal filed I.T. (Acq.) Appeal No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... @ Rs. 151 Smt. Kailashwati Labour colony 8 316 " " Rs. 157 Surendra Singh do. 9 295 " " Rs. 159 Auction held on 6-10-1974 Om Prakash do. 10 496 " " Rs.223 Smt. Maya Agrawal do. 15 477 " " Rs. 281 --------------------------------------------------------------------------------------------------------------------------------------------------- Similarly in Motimahal rate fixed by the Nagar Mahapalika was Rs. 100 per sq. yard whereas at the time of actual auction in March, 1974, the rates arrived at were much higher as under : --------------------------------------------------------------------------------------------------------------------------------------------------- Name of purchaser Plot No. Area Rate per sq. yard - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ublic sale of property usually conducted by bidding one after the other which augment the price. On the approval of the bid, a contract comes into existence. Certain auction rates have been quoted above by us which are higher than the rates at which the property in question had been sold. Under s. 269L(1)(a), the Competent Authority may require a Valuation Officer to determine the market value of the property under consideration and report the fair market value to the Competent Authority under two sets of circumstances : (a) For the purpose of initiating proceedings for the acquisition of any immovable property, and (b) for the purpose of making an order under section 269F for acquisition of any immovable property. The Valuation Off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting aside its, judgment. Another aspect of the matter on which much emphasis was laid by the Tribunal for holding that the fair market value of the property did not exceed by 15 per cent. so as to attract s. 269C was the sale deed executed between Bagla and others and the Union of India through the Commissioner of Income-tax, Kanpur. The Tribunal had found that as the property had since been sold to the Union of India at Rs. 45 per square yard, and so the price taken at Rs. 80 per square yard by the valuer, Sri Murtaza Husain, produced by the respondent could not be considered to be low. According to its view, the aforesaid sale deed represented the fair market price and if this fact is taken into consideration, it would prove that the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the Legislature has provided about the quality of evidence, by shutting out any evidence of unregistered agreement to sell. Hence, the agreement in the present case, being unregistered, was liable to be ignored. In the instant case, one of the questions which arose before the Tribunal was whether there were three transfers or one. The Tribunal observed : " In the present case, the interest of the joint transferees are determined in the sale deed itself. The three transferees are entitled to 1/2, 1/4th and 1/4th share in the property, and, therefore, if sec. 269C(1) is read with sec. 269A(e) and sec. 45 of the Transfer of Property Act, it appears to be correct that the transfer in the present case was not from Shri Asuda Singh to Shr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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