CEEBROS DEVELOPERS Vs. STATE OF TAMIL NADU

JUDGEMENT

(1.) THIS appeal is filed as against the order dated 17.11.2008 passed by the respondent in Proceedings No.26164/N5/2005, whereby the respondent has fixed the market value of the subject property at Rs.25,02,915/ - on the basis of Rs.3,400/ - per sq.ft. and directed the appellant to pay the deficit stamp duty.

(2.) THE case of the appellant, in brief, is as follows:

(3.) THEREAFTER , the property was put up for sale in public auction by the Commissioner of Income Tax, Headquarters Office of the Chief Commissioner of Income Tax -II, Chennai -34. In the said auction, the Managing Director of the appellant firm participated and successfully completed the bid for Rs.22.15 crores, which was accepted by the Income Tax Department on behalf of the Central Government and the purchase consideration was remitted by the appellant to the vendor on various dates. Consequently, the sale deed was also executed in favour of the appellant on behalf of the President of India by the duly authorised officer, viz., Shri.Mohanish Verma, Director (Other Taxes), Central Board of Direct Taxes, Ministry of Finance, New Delhi, on 30.03.2004.