PANORAMA BUILDERS PVT. LTD. Vs. UNION OF INDIA

JUDGEMENT

(1.) THE petitioner, a Private Limited Company, engaged in the business of construction activity, purchased at a public auction, property situated at final plot No. 607 -A, SP No. 1, TPS No. 3, Near Law Garden, Ahmedabad, being open plot of land admeasuring 1424 sq. yds. along with plinth level construction of 278 sq. mtrs. (out of which 181 sq.yds. to be surrendered for passage and road alignment entitling the purchaser to additional floor space) for a sum of Rs. 1,40,00,000/ -. The auction was held on 27th December,2000 in the following circumstances.

(2.) IT appears that Smt. Jayshreeben Vadilal Mehta and Smt. Chandra Devi Chandulal Mehta Agrawal (Transferors) agreed to transfer the property in the name of Shri N.G. Patel representing the Law Garden Shops and Office Complex Owners Association (Transferee) by an agreement entered into on 12th September,1989.Appropriate Authority acting under the provisions of Chapter XXC of the Income Tax Act,1961 (the Act), made an order under Section 269UD(1) of the Act on 25th November,1989. Accordingly in terms of provisions of Section 269UE of the Act, the property vested in the Central Government and the transferors were directed to surrender the possession within fifteen days of passing of the order.

(3.) ON 1st November,1999 SBI moved an application being Exhibit A/107 seeking modification of the injunction order in light of the meeting held on 19th November,1997 in the Chamber of Commissioner of Income Tax (Appropriate Authority). Debt Recovery Tribunal (DRT) after hearing the learned Advocates of the respective parties before it passed the following order: