LAXMI NARAIN SHARMA Vs. R.K.SANDHU

JUDGEMENT

(1.) IN a complaint under Section 276 AB of Income Tax Act r/w Section 278 B of I.T.Act, petitioners application under Section 245(2) of Cr.P.C. for dismissal of aforesaid complaint stands rejected vide impugned order of 17th December, 2002. Quashing of aforesaid impugned order is sought in this petition primarily on the ground that with effect from July 2002, the provisions of Chapter XX C of the Income Tax Act are not to apply in relation to transfer of any immovable property effected with effect from 1st July, 2002.

(2.) THE factual background as noted in the impugned order is as under:

(3.) LEARNED Senior Standing Counsel for respondent had, during the course of hearing, extensively argued this matter on merits and had relied upon the decision of Rajasthan High Court in Rajasthan Patrika Ltd. v. Union of India, (1995) 213 ITR 0443 wherein non grant of ,,No Objection Certificate in respect of transaction in question was the issue, and had also referred to Apex Court's order of 13th July, 1996 permitting petitioner to withdraw the Special Leave Petition arising out of aforesaid Rajasthan High Court decision to point out that Apex Court had permitted petitioner to withdraw Special Leave Petition regarding constitutionality of Chapter XX C of the Income Tax Act and regarding grant of ,,No Objection Certificate under Chapter XX C.