COMMISSIONER OF INCOME TAX Vs. KHAITAN ELECTRICALS LTD

JUDGEMENT

(1.) THIS is an appeal filed by the CIT, Haryana, Rohtak, under S. 269H of IT Act, 1961 (for short, 'the Act of 1961') against order dt. 9th Nov., 1987, passed by Income-tax Appellate Tribunal, Delhi 'D' Bench, Delhi (for short 'the Tribunal') in IT Acq. No. 30 (Del)/86.

(2.) THE brief facts reveal that on the basis of scrutiny of Form No. 37-G provided by the Sub- Registrar, Ballabhgarh, it was noticed that Industrial Plot No. 14 situated in Sector 6, Faridabad, was transferred by M/s Mimec India (P) Ltd. to M/s Khaitan Electricals Ltd., the respondent herein, for a consideration of Rs. 11,00,000 vide sale deed dt. 31st March, 1981, registered with the Sub- Registrar, Ballabhgarh. The Government Valuation Officer determined the fair market value of the plot at Rs. 20,40,000. Finally, vide his report dt. 17th March, 1986, he reduced the market value to Rs. 19,86,580 after having gone into the objections of the transferee.

(3.) AFTER perusing the objections filed by the transferee from time to time, the competent authority passed order under S. 269F(6) of the Act of 1961 for the acquisition of the property, with prior approval of the CIT, Haryana. Aggrieved, M/s Khaitan Electricals Ltd. filed an appeal which has been allowed by the Tribunal vide order, Annexure-B, annexed with the present appeal. As mentioned above, it is against this order, the present appeal has been filed.