TMI Blog2001 (12) TMI 14X X X X Extracts X X X X X X X X Extracts X X X X ..... ereby the petitioner herein was directed to deposit a sum of Rs.22,50,000 plus interest at 18 pet cent. from the date of receipt of the money till its deposit in the Government of India account. - After the dismissal of the appeal, the petitioners made representations for returning the possession of the property in question and asking them to accept the amount of sale consideration paid by the res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unt. The brief facts of this case are as follows: On May 21, 1987, respondents Nos. 5 and 6 entered into an agreement to sell for the sale of the property No. B-7/118, Safdarjung Enclave Extension, New Delhi, for a total consideration of Rs.23,50,000. As per the requirement under Chapter XX-C of the Income-tax Act, the petitioners and the previous owners filed for "no objection certificate" i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uty CIT [1998] 231 ITR 318 (Delhi)). An appeal filed by the Revenue was dismissed by the Supreme Court by order dated May 10, 2001 (Deputy CIT v. Express Towers P. Ltd. [2001] 249 ITR 556). After the dismissal of the appeal, the petitioners made representations for returning the possession of the property in question and asking them to accept the amount of sale consideration paid by the respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ave to part with the amount of Rs.13.5 lakhs which was the balance sale consideration and this money remained with them. In our view deprivation of the use and fruits of the property to the purchasers, i.e., the petitioners herein was a greater loss to them as compared to the meagre amount of interest which presumably they could have earned on that amount. The purchasers had to keep the amount alw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... direct and dispose of the same and direct the petitioner to deposit a sum of Rs.22,50,000 within a period of three weeks from today with the appropriate authority whereupon "no objection certificate" in terms of section 269UL(3) and possession of the property along with title deeds as well as other papers, if any shall be handed over within two weeks thereafter. Dasti. - - TaxTMI - TMITax - ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
