2001 (5) TMI 5 - SC - Income Tax

Purchase of Immovable Property - proceedings initiated u/s XX-C of the Income-tax Act 1961 seeking t acquire certain properties on the ground that the consideration disclosed in the sale documents fell short of the real market value of the property - Whether HC was justified in coming to the conclusion that the sum tendered by the Central Government was beyond the stipulated period u/s 269UG thus attracting the wrath of s. 269UH . resulting in abrogation of the purchase order - Held yes

Summary

The Supreme Court dismissed the appeal in a case related to the Income-tax Act, 1961, where the Central Government failed to tender the required amount within the stipulated period, resulting in the abrogation of the purchase order. The appeal was dismissed with a cost of Rs. 25,000 to be paid to the respondent.