Karnataka Court March 1993 Judgments
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Appropriate Authority and Others Vs. Mass Traders Pvt. Ltd. and Others
Court: Karnataka
Decided on: Mar-01-1993
Reported in: [1997]89CompCas242(Kar); [1993]202ITR741(KAR); [1993]202ITR741(Karn); 1993(37)KarLJ316
S. Rajendra Babu, J. 1. These petitions are directed against two orders made under section 269UD(1) of the Income-tax Act, 1961 (for short, 'the Act'), on July 25, 1989, initiating action under Chapter XX-C of the Act. 2. Respondents Nos. 2 and 3 entered into an agreement to sell their respective undivided interest in the property comprised in Municipal Nos. 4 and 5 (new Nos. 9 and 11), situate at Infantry Road, Bangalore, with the petitioner herein. The agreement entered into between the aforesaid parties disclosed that the consideration for sale of the property was Rs. 1,38,04,850 as far as the share of respondent No. 2 is concerned and Rs. 46,01,475 as far as the share of respondent No. 3 is concerned. The property in question consists of land measuring 43,309 square feet comprising within it main building and outhouse with a plinth area of 960 square metres. It is located, one side facing Queen's Road and the other side facing Infantry Road, Bangalore. This property originally belo...
Appropriate Authority Vs. Mass Traders Private Ltd.
Court: Karnataka
Decided on: Mar-01-1993
Reported in: (1993)111CTR(Kar)294; ILR1993KAR1018
K.A. Swami, Ag.C.J 1. These Appeals are preferred against the order dated 23.10.1992 passed by the learned single Judge in Writ Petition Nos. 14319 and 14320 of 1989 respectively, The learned Single Judge has allowed the Writ Petitions and quashed the order dated 25.7.1989 passed by the Appropriate Authority under Section 269-UD(1) of Chapter XX-C of the Income Tax Act (hereinafter referred to as the Act). The Appropriate Authority has directed that the properly in question bearing Municipal Nos. 4 and 5 (New Nos.9 and 11) situated at Infantry Road, Bangalore be purchased under Section 269-UD(1) of the Act. The learned Single Judge has quashed the order on the following grounds: That on an earlier occasion, the Appropriate Authority has considered the consideration of Rs. 1,25,02,500/- for the 2nd respondent's share and Rs. 41,67,500/- for the 3rd respondent's share as adequate and granted 'No Objection Certificate' for registration of the sale transaction under Section 269-UD(1) of th...
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