RAJATA TRUST Vs. CHIEF COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE short facts leading to the appeal are as under :

(2.) THE appropriate authority passed an order on January 24, 1991, under section 269UD(1) of the Act. We will now extract the relevant portions of the order :

(3.) IT is the common case before us that the transferor has authorised the Chief Commissioner of Income-tax to pay a sum of Rs. 50 lakhs to the appellant which the transferor had received by way of advance. IT is equally the common case before us that this Rs. 50 lakhs paid by the Chief Commissioner of Income-tax was received by the appellant without any demur.