MADHUSUDHAN DAS Vs. APPROPRIATE AUTHORITY OF INCOME TAX

JUDGEMENT

(1.) The facts, inter alia, involved in this writ petition are that the petitioners are joint trustees under a registered deed of trust dated June 4, 1988. Under the said trust, the petitioners as joint trustees hold premises No. 18, Dent Mission Road, Watganj, Calcutta-23, in possession of monthly tenants for long (hereinafter referred to as "the said property") as trust property. Under the deed of trust, the trustees have been given power to sell the said property. The said property comprised of 16 Cott. 5 Ch. 15 sq. ft. of land together with a two-storeyed old structure in occupation of tenants as aforesaid, for nearly 40 years, fetching a total monthly rent of Rs. 1,100.

(2.) With a view to arrange funds for the trust, the trustees decided to sell the said property. Respondent No. 5 agreed to purchase the said property at a total consideration of Rs. 93.50 lakhs on the terms and conditions agreed in an agreement dated December 8, 1994.

(3.) An advance of Rs. 50,000 as earnest money was received by the trustees from respondent No. 5. The trustees agreed to take steps to get the property vacated by the tenants and give vacant possession to the purchaser within one year, in which the purchaser agreed to co-operate.