CMS COMPUTERS (P) LTD. Vs. APPROPRIATE AUTHORITY

JUDGEMENT

(1.) THE petitioners are aggrieved by the order passed by the Appropriate Authority under s. 269UD of IT Act, 1961. The petitioners have prayed for issuance of the appropriate writ against the 1st respondent requiring them to issue no objection certificate under s. 269UL(2) of IT Act (hereinafter referred to as "the Act") and release and restore the flat No. 203A on 2nd floor of a building called "Arcadia" on 195, Nariman Point, Mumbai, for value of Rs. 21,44,000.

(2.) THE facts which are relevant for consideration are as under : It is the case of the petitioner that pursuant to the agreement between Gupta Investments & Constructions (P) Ltd. and agreement between Daruwalla and Mr. Kartarsingh Bagga and Gupta Investments took place by which Daruwalla sold the said premises to Mr. Kartarsingh Bagga. Thereafter pursuant to agreement between Mr. Kartarsingh Bagga and the respondent No. 5, Capt. Jagdish Khokhar, Mr. Kartarsingh Bagga agreed to sell the premises for Rs. 3,84,000. However, before the said agreement could be acted upon and the share certificate could be transferred in favour of respondent No. respondent No. 6, Arcadia Premises Co -op. Housing Society Ltd. in the name of Kartarsingh Bagga. Thereafter some dispute arose between 5th respondent and legal heirs and representatives of Mr. Kartarsingh Bagga.

(3.) DURING the pendency of the said disputes, the 1st petitioner and respondent No. 5 agreed that respondent No. 5 respondent No. 5 in order that the respondent No. 5 shall sell the said premises to the 1st petitioner. Respondent No. 5 also handed over possession of the said premises to the 1st petitioner permitting them to occupy the same as a licensee. Respondent No. 5 however could not execute an agreement with the 1st petitioner in view of the pending petitioner deposited Rs. 10,000 with the respondent No. 6 society for the purpose of publishing notices about