LAWS(GJH)-2018-7-80

KHODAJI MAFATJI THAKOR (PAN AOOPT7485G) Vs. SECRETARY

Decided On July 20, 2018
Khodaji Mafatji Thakor (Pan Aoopt7485g) Appellant
V/S
SECRETARY Respondents

JUDGEMENT

(1.) By way of this petition under Article 226 of the Constitution of India, the petitioners have prayed for an appropriate writ, direction and order to hold that the computation of capital gain made by the respondent no.1 - Income Tax Settlement Commission (hereinafter referred to as the "Settlement Commission") in its order under Section 245D(4) of the Income Tax Act by enhancing the sale consideration as well as reducing the cost of acquisition / market value as at 1st April 1981 for the transfer of land be quashed and be substituted by the figure submitted by the petitioners in its application u/s 245C(1) and computation of capital gains may be directed to be revised accordingly.

(2.) The facts leading to the present Special Civil Application in nutshell are as under:

(3.) Shri S.N. Soparkar, learned Senior Advocate has appeared on behalf of the petitioner and Shri M.R. Bhatt, learned Senior Advocate has appeared on behalf of the Revenue.