9911796707
TMI Blog1983 (5) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... or 22-B, at Chandigarh, which the appellant and one Sudershan Devi had, per registered sale deed, dated May 5, 1973, jointly purchased for an apparent consideration of Rs. 1,25,000. Since as per the report of the registered valuer furnished by the appellant-transferee, the fair market value of the plot in question was Rs. 1,30,000 as against the apparent consideration of Rs. 1,25,000, the presumption contained in s. 269C(2)(b) arose in the case and since there was no material on record to rebut the said presumption it was taken that the condition in s. 269F(6)(c) stood satisfied. In the light of the above, what remained to be examined was the question as to whether the fair market value of the property in question did or did not exceed b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... auction sales and adopted the average rate of 1971 auction. The auction sale of plots by Chandigarh Administration were made in terms of rules known as Chandigarh (Sale of Sites and Buildings) Rules, 1960 (hereinafter referred to as " the 1960 Rules "). Rules 6 and 10, pertaining to the payment of auction sale price, deserve noticing and are in the following terms: 6. Sale by Auction.-(Sections 3 and 22(2)(b)). In the case of sale by auction, at least twenty-five per cent. of the bid accepted by the auctioning officer shall be paid on the spot by the auction-purchaser, in cash or by means of demand draft drawn in the manner specified in sub-rule (2) of rule 5 ; and the balance shall be paid either in lump sum within thirty days from t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... umber of instalments of the balance sale price. It would thus be seen that in case of auction sales of 1971, which were indisputably in terms Of 1960 Rules, the buyer did not have to pay the entire amount in one go, the payment could be spread over a number of years, whereas in the case of a private sale, the buyer has to pay the entire amount at the time when the bargain is finally struck. In case of auction sale by the Chandigarh Administration of the kind, the number of bidders could be very high and a bidder could make very high bid since he did not have to pay the entire amount in a lump sum. He could after paying twenty-five per cent. of the sale price, invest the balance amount in constructing upon the site and thereafter, the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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