PRATIBHA SHETH Vs. APPROPRIATE AUTHORITY

JUDGEMENT

(1.) This petition is directed against the order dt. 27th April, 1993 (Exhibit "F"), passed by the first respondent, the Appropriate Authority, appointed by the Central Government u/s. 269UB of the IT Act, 1961 ('the Act') exercising right of pre-emptive purchase u/s. 269UD(1) of the Act of the property in question owned by the petitioner Nos. 2 and 3 for the apparent consideration of Rs. 24,00,000. The facts: The facts in short are:

(2.) The petitioner No. 1 is an intending purchaser; whereas petitioner Nos. 2 and 3 are the owners of the immovable property being residential apartment/flat admeasuring about 767 square feet situate at 103, Miranda Apartments, Veer Sawarkar Marg, Bombay-400 014 ('the said property').

(3.) The petitioner Nos. 2 and 3 entered into an agreement of sale on 6th Feb., 1993 to sell their property for a total consideration of Rs. 24,00,000 in favour of petitioner No. 1. The entire payment of Rs. 24,00,000 was paid by the first petitioner to the vendors, the petitioner Nos. 2 and 3 immediately on signing of the said agreement. Apart from this, the first petitioner had also incurred expenditure in the sum of Rs. 1.89 lakhs by way of registration fee.