TMI Blog2003 (1) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... quashing the order dated June 13, 1991. The same was dismissed as stated - The property was put up for public auction and one Krishna Murthy purchased the property. Consideration amount was paid and property was handed over to Krishna Murthy on March 27, 1992. Under the circumstances, the auction was complete in favour of the bona fide purchaser. Therefore, the appellant-petitioner cannot challeng ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P. Lakshman, the appellant-petitioner, a coffee planter is a partner in a firm along with one B.S. Nagaraj and carrying on business under the style of M. P. Engineering Works. He filed a writ challenging the constitutional validity of section 269UE(l) of the Act and for quashing the order dated June 13, 1991. The same was dismissed as stated. Hence, this appeal for quashing the order of the learne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led out, the agreement of sale was entered into by S.G. Rajagopal (owner), respondent No. 4 herein, in favour of M.P. Lakshman, the appellant-purchaser to sell site No. 48, 1st A Cross, R.M.V. Extension, Bangalore on April 9, 1991. Both the parties to the agreement filed Form No. 37-I in accordance with Chapter XX-C of the Income-tax Act on April 19, 1991. A pre-emptive purchase order was passed u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of India [1993] 199 ITR 530 on November 27, 1992. Once the validity is upheld, the same cannot be challenged. However, while upholding the validity, their Lordships' directed that an opportunity of hearing shall be given only in those cases where the transaction has not been completed. In the instant case, as stated the transaction was completed and compensation was already paid. Under the cir ..... X X X X Extracts X X X X X X X X Extracts X X X X
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