CHANDRAKANT KANTILAL SHAH Vs. S. K. LAL

JUDGEMENT

(1.) This petition is filed to challenge the order dated February 25, 1993, passed by the appropriate authority under Section 269UD(1) of the Income-tax Act, 1961 ("the Act" for short).

(2.) By an agreement dated September 18, 1986, the petitioners had agreed to purchase flat No. 1 situated on the ground floor of a building known as "Rekha" at Ridge Road, Bombay-400 006 ("the flat in question" for short) for a consideration of Rs. 10,51,000. The carpet area of the said flat was 925 square feet and the built up area of the said flat was 1014 square feet. The petitioners paid a sum of Rs. 2,51,000, by way of earnest money and agreed to pay the balance consideration in instalments as more particularly set out in the agreement.

(3.) On September 26, 1986, the petitioners filed a statement in Form No. 37EE along with transfer form with the competent authority constituted under Chapter XX-A of the Act.