(1.) S . 269UD(1) of the IT Act, 1961 ('the Act' for short) whereby the flat No. 232 on the 23rd floor of Maker Tower "B", Cuffe Parade, Mumbai -400 005 ('property in question' for short), is sought to be purchased by the Appropriate Authority under Chapter XX -C of the Act. The facts relevant for the purpose of the present petition are that by an agreement dt. Maker Towers "B", Cuffe Parade, Mumbai -400 005, for an aggregate consideration of Rs. 34,00,000. The payment was to be made in two instalments :
(2.) AN application is made in Form No. 37EE by the petitioners in respect of the transfer of the said flat. Respondent No. 5 and the petitioners filed an application in Form No. 37 -I (respondent Nos. 1 to 3) with the Appropriate Authority as a matter of abundant precaution. of the flat by Union of India (respondent No. 4) without giving any opportunity of hearing to the petitioners. the validity of the order passed under s. 269UD(1), in this Court. Appropriate Authority to decide the issue afresh in the light of the judgment of the apex Court in the case of C.B. Gautam vs. Union of India (1992) 108 CTR (SC) 304 r/w (1993) 110 CTR (SC) 179 : (1993) 199 ITR 530 (SC). property in question agreed to be purchased by the petitioners should not be purchased under s. 269UD(1) of the Act. In the said show -cause notice the Appropriate Authority referred to 3 sale instances.
(3.) THE Appropriate Authority had determined the per square feet rate for the transfer of the said flat at Rs. 1,906 after reducing from the consideration of Rs. 34 lakhs a sum of Rs. 25,000.