SULEMAN USMAN CHAMADIA Vs. APPROPRIATE AUTHORITY

JUDGEMENT

(1.) UNDER s. 269UD(1) of the IT Act, 1961 (for short "the IT Act").

(2.) THE petitioner is the owner of the land, together with the structures standing thereon, bearing survey No. 140 -A, Hissa No. 30 of village Vile Parle and bearing CTS No.1951, original plot No. 508 and final plot No. 501 of the Town Planning Scheme No. V of Vile Parle (East), Bombay (hereinafter referred to as "the said property"). By an agreement of respondent No. 6 for consideration of Rs. 66,00,000 to be calculated @ Rs. 1,500 per sq. ft. of the saleable area of the building to be constructed. The petitioner then filed thes necessary statement in Form No. 37 -I prescribed under r. 48L directing purchase of the said property by the Central Government under s. 269UD(1) of the IT Act. That order is impugned in this petition.

(3.) THE respondent No. 1 in its order noted that the total consideration of the said property was Rs. 66,00,000; the area of the property as mentioned in the agreement was 339 sq. mtrs. the area as mentioned in Form No. 37 -I was 439.8 sq. mtrs. and the area mentioned in the property register card was 436.8 sq. mtrs. The respondent No. 1, therefore, took the area of the property to be 436.8. sq. mtrs. and held that the property was agreed to be sold @ Rs. 1,500 per sq. ft. of the saleable area. The Appropriate Authority then held that the fair market rate was Rs. 2,000 per sq. ft. and the rate of Rs. 1,500 per sq. ft. of saleable area was less than the market rate.