TMI BlogCompensationX X X X Extracts X X X X X X X X Extracts X X X X ..... apparent consideration for its transfer and fifteen per cent of the said amount : 1 [ Provided that in a case where, under the agreement between the parties concerned, the whole or any part of the consideration for the transfer of such immovable property is payable on any date or dates falling after the date on which such property is acquired, the compensation payable by the Central Govern ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mount as the competent authority and the persons entitled to the compensation may agree within fifteen days of the vesting of the property in the Central Government or in default of such agreement as the court may, on a reference made to it in this behalf by the competent authority or by any person duly authorised for the purpose by the competent authority, determine to be the amount that may have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... petent authority or by any person duly authorised for the purpose by the competent authority, determine to be the amount spent for making such improvements. (3) Every reference under clause ( a ) or clause ( b ) of sub-section (2) shall be made within thirty days of the date on which the immovable property to which it relates becomes vested in the Central Government or within such further perio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the issue of a preliminary notice under section 4 of that Act on the date of publication in the Official Gazette of the notice in respect of the property under sub-section (1) of section 269D, shall be deemed to have been realised by the Central Government as a penalty from the transferee for being a party to a transfer with such object as is referred to in clause ( a ) or clause ( b ) of sub-sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt in excess of the apparent consideration for the property, notwithstanding that such assets are included in the net wealth of the transferee. -------------- Notes :- 1. Inserted by the Income-tax (Amendment) Act, 1981, w.e.f. 1-7-1982. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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