AMAR NATH AGRAWAL Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) By means of this writ petition, the petitioner Sri Amar Nath Agrawal is challenging the validity and legality of the notice dated 26th March, 2007 issued under Section 143(2) of the Income Tax Act.

(2.) The facts leading to the filing of the writ petition is, that the petitioner along with four other persons had obtained a lease deed dated 25th December, 1953 and is in possession since then. The lease expired on 7th June, 1969 and was renewed for a period of 30 years with a further option of renewal for another term of 30 years. The lease deed permitted transfer by succession, sale, assignment, etc. with the previous approval of the State Government.

(3.) The State Government introduced a policy for conversion of lease land into free hold. The petitioner applied for conversion of lease hold land into free hold land before the District Magistrate, Allahabad on 2nd August, 1997. The petitioner deposited the necessary charges as demanded by the State Government and, thereafter, a free hold sale deed dated 25th March, 1998 was executed by the District Magistrate, Allahabad.