Virgo Marketing (P) Ltd. vs Appropriate Authority & Ors.
1995 Latest Caselaw 935 Del

JUDGMENT

By The Court

1. An agreement of sell dt. 29th Aug., 1988, in the petitioner's favor with respect to the disputed property was for a consideration of Rs. 25 lakhs. On 7th Nov., 1988, an order was made under s. 269UD(1) of the IT Act, 1961, by respondent No. 1 for purchase of the property on an amount equal to the apparent consideration. This order when challenged in CW No. 2636 of 1988 was set aside on 22nd Feb., 1993, by following the decision of the Supreme Court in C. B. Gautam vs. Union of India . The Appropriate Authority was directed to take a fresh decision, keeping in view the decision of the Supreme Court and the facts of the case. It is the fresh order, passed on 26th April, 1993, by the Appropriate Authority, which is now under challenge in this petition.

2. In the public auction, which took place on 17th Sept., 1993, the property was sold for a consideration of Rs. 47.30 lakhs, which was fully paid on 29th Oct., 1993. The sale being confirmed, possession was also handed over to Sri Mohan Mahavir Prasad Shah, the transferee, on 29th Oct., 1993. Though this fact was brought to the notice of the petitioner, no steps, till date, have been taken to implead the transferee as a party. We have also gone through the impugned order and do not find any infirmity therein. The Appropriate Authority has taken into consideration the sale instance of Flat No. 11-B, which was having approximately same area as that of the flat in question. It was observed that this property is also located in the same complex and can be taken as the best guide for arriving at the fair market value. The Appropriate Authority also took note of all other relevant factors into consideration, namely, the date of transfer, the proximity of time and the advantages available and formed an opinion resulting in the impugned order. We do not find any infirmity therein.

3. Dismissed.