MAIMUNABAI USMAN Vs. APPROPRIATE AUTHORITY

JUDGEMENT

(1.) Heard Ms.Khan for the Petitioners and Mr.Asokan for the Respondents.

(2.) Petitioners No.1 and 2 were owners of a flat bearing No.902 on the 9th floor of "C" Wing in Kanti Apartment, Mount Mary Road, Bandra (West), Mumbai-400050. They were interested in selling the said flat. They entered into an agreement on 6th October 1992 to sell the same to Respondents No.3 and 4. The flat was to be sold for Rs.19 lakhs. Thereafter as per the requirement of Chapter XX-C of the Income Tax Act, 1961, they filed the necessary Form 37-I for approval of the said transaction on 15th October 1992.

(3.) Petitioners No.3 and 4 received a notice dated 15th December 1992 from the Appropriate Authority. This notice stated that they should show cause as to why an order should not be made in their case under section 269UD(1) of the Income Tax Act. They were asked to attend before the Appropriate Authority on 22nd December 1992.