RAMU AND CO Vs. EGMORE BENEFIT SOCIETY LIMITED

JUDGEMENT

(1.) THE petition has been filed to review the order passed in Application No. 3833 of 2001. Counsel for the petitioner states that in that order, it has been mentioned that where the price is less than 50 per cent, of the market value, the Commissioner of Income-tax is bound to purchase the property. Counsel would submit that it is only 15 per cent. It is only a typographical mistake. Even then, this is not the operative portion of the order; it is not going to affect the order in any manner. Since it is an apparent mistake, it is now rectified as 15 per cent.

(2.) COUNSEL for the petitioner also argued that in the order it is stated that the Income-tax Department may not purchase the property, if the value is less than the market price. COUNSEL submits that the Income-tax Department is legally bound to purchase the property when the sale price is less than the market value by 15 per cent. In that regard, counsel relied upon the observations of the Supreme Court in C B. Gautam v. Union of India [1993] 199 ITR 530. Even in that order, the Supreme Court has stated (page 546):