HIABEN JAYANTILAL SHAH Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) THIS petition has been preferred challenging the Reference dated 26. 4. 1996 made by the respondent no. 1, namely the Assessing Officer to respondent no. 2, namely the District Valuation Officer (D. V. O.) under section 55a of the Income Tax Act, 1961 (the Act) in respect of the share of the petitioner in the property bearing Final Plot No. 547, Sub-plot Nos. 7 and 8, Town Planning Scheme No. 3, Moje Kocharab, Taluka: City, in the District and Sub District of Ahmedabad.

(2.) THE petitioner, was the co-owner of the aforesaid property along with her husband and son. On 29. 11. 1994, the petitioner entered into an agreement to sell the said property as a whole, along with other co-owners, for a sum of Rs. 1. 40 lacs. The petitioner, who was having 25% share in the property, was thus, entitled to Rs. 35,00,000/- as her share in the sale consideration.

(3.) AS the value of the share of the petitioner exceeded the figure of Rs. 20,00,000/-, the provisions of Chapter-XX-C of the Act were attracted and the petitioner preferred the necessary application in form No. 37-I seeking "no Objection Certificate" from the appropriate authority for transferring the said property. Accordingly, a certificate dated 7. 2. 1995 came to be issued by the appropriate authority under sec. 269ul (3) of the Act. The petitioner also applied for certificate under sec. 230a of the Act on 22. 12. 1995. On 28. 12. 1995 the sale-deed was executed. The Assessing Officer issued certificate under sec. 230a of the Act on 24. 1. 1996 and thereby the sale-deed was registered by the registering authority.