(1.) This petition is directed against the order dt. 15th Jan., 1993 (Exh. G) passed by the Appropriate Authority, Bombay under Section 269UD(1) of the IT Act, 1961 ("Act" for short) for compulsorily purchase of House No. D-1 (BUA), 1,991 sq.ft. with garage located in Mandar Co-operative Housing Society, Juhu Village, Mumbai ("said property" for short).
(2.) The relevant facts lie within a narrow compass. The petitioners are the intending purchasers of the said property; who agreed with respondent No. 6 to purchase the said property vide agreement dt. 30th Oct., 1992 for a consideration of Rs. 64 lakhs.
(3.) The petitioners on the very same day filed statement in Form No. 37-1 of the Act with the Appropriate Authority. The said authority issued a show-cause notice dt. 17th Dec, 1992 expressing its intention to exercise option to purchase the said property, however, without furnishing any material or reason in support of its intention to purchase.