M RAVINDRANATH Vs. APPROPRIATE AUTHORITY

JUDGEMENT

(1.) THE property of the petitioner has been sought to be pre -emptively purchased by the Revenue on the ground that the market value stated in the agreement with the purchaser is not the market value and that the difference between the apparent consideration and the market value as determined by the Appropriate Authority exceeds 15%.

(2.) FORM 37 -I statement was furnished on 13th October, 1992. The consideration for the transfer set out therein is Rs. 67, 50, 000. The extent of the property is 4 grounds and 1, 555 sq. ft.

(3.) IN the show cause notice, it was stated that the comparable property is located on a dead end cross road of about 30' width, called II Avenue, taking off from Casa Major Road, fairly close to the petitioners' property which was right on Casa Major Road itself. The width of Casa Major Road is 40'. It was alleged that because of the petitioners' property being on the main road, the value of that property was higher by 15% over and above that of the property situated on II Avenue, Casa Major Road on a dead end cross. The manner in which that figure of 15% was chosen was not set out in the notice. The petitioner as also the intending purchaser replied to the show cause notice disputing the claim that the property had been undervalued with intention to evade tax and that the value of the property on the Casa Major Road could not be estimated at a figure 15% over and above the value of the property in the Cross Road.