DWARKANATH CHATTERJEE Vs. UNION OF INDIA UOI

JUDGEMENT

(1.) Writ petitioners Nos. 1 to 5 are the joint owners of the premises Nos. 9, 7/1A and 7/1B, Lovelock Place, Calcutta-700 009 (hereinafter referred to collectively as the said premises). Writ petitioner No. 6 has entered into an agreement on January 28, 1994, with the writ petitioners Nos. 1 to 5 to develop the said premises. By the Finance Act, 1986, with effect from October 1, 1986, Chapter XX-C consisting of Sections 269U to 269UO was inserted in the Income-tax Act, 1961, with the object of inducing the transferors and the transferees to declare the full amount of consideration in their agreements for transfer. Section 269UC of the Income-tax Act, 1961 (hereinafter referred to as "the Act") provides as follows :

(2.) The prescribed form under Section 269UC of the Act is Form No. 37-I.

(3.) Section 269UD of the Income-tax Act, 1961, inter alia, provides that the appropriate authority, after the receipt of the statement under Sub-section (3) of Section 269UC in respect of any immovable property, may, notwithstanding anything contained in any other law or any instrument in writing, make an order for the purchase by the Central Government of such immovable property at an amount equal to the amount of the apparent consideration : Provided that no such order shall be made in respect of any immovable property after the expiration of a period of two months from the end of the month in which the statement referred to in Section 269UC in respect of such property is received by the appropriate authority, .