SATISH BALAN Vs. UNION OF INDIA

JUDGEMENT

(1.) RULE . By consent returnable forthwith. At the request of the Counsel for the parties matter taken up for final hearing.

(2.) BY this petition under Article 226 of the Constitution of India the petitioners take exception to the order dated 8 July 2011 passed by the Appropriate Authority constituted under Chapter XXC of the Income Tax Act, 1961 ( "the Act "). By the impugned order dated 8 July 2011 a property admeasuring 555 sq. yards together with super structure standing thereon being property bearing Plot No.70/P, Suburban Scheme III, Chembur Garden, Chembur ( "said property ") along with the encumbrance of a tenant thereon was acquired and now vests in Central Government under Chapter XXC of the Act.

(3.) IF the consideration for purchase of any property was in excess of the limit of Rs.10 lacs as then prescribed for the purposes of Chapter XXC of the Act, the buyer and the seller had to file necessary statement with regard to the agreement to purchase the property before the Appropriate Authority. Accordingly, the petitioners filed Form-37-I along with the agreement dated 18 February 2005 with the Appropriate Authority under Chapter XXC of the Act.