HUNAIDA JAMNAGARWALA Vs. APPROPRIATE AUTHORITY

JUDGEMENT

(1.) LEARNED counsel for the petitioners seeks permission to delete the name of respondent No. 2 Permission granted. Respondent No. 1 - appropriate authority, will now be the sole respondent.

(2.) THIS petition is filed for quashing and setting aside the order at annexure -A dated March 30, 1995, passed by the respondent -appropriate authority under the Income -tax Act, 1961 (hereinafter referred to as 'the Act').

(3.) THE petitioners submitted two replies, inter alia, contending that the rate of the instance property on which reliance was placed by the appropriate authority could not be considered as comparable to arrive at the market value of the property under consideration. Objections were raised by the petitioners to the effect that the property under consideration was 13 year old building, whereas the sale instance property was a new building. The property under consideration required repairing and there was leakage on the terrace. The property under consideration was situated in a highly congested area as compared to the sale instance property which was away from such congestion. Parking facility was available to the property under consideration which was available to the sale instance property. The deal of the property under consideration was finalised in the first week of October, 1994, while the sale instance property's deal was finalised on December 30, 1994. The property under consideration was situated on the sixth floor, while the sale instance property was situated on the second floor. Three instance have been cited by the petitioners comparable to the property under consideration by pointing out that in those cases, the appropriate authority itself had accepted the apparent consideration, which was much lower than the consideration of the property under consideration. Two more instances were also cited in which flats were sold in the very society where the property under consideration was situated and the rate was much lower as compared to the rate of the sale instance property.