2000 (10) TMI 23

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..... hether a court sale is subject to the provisions of Chapter XX-C of the Income-tax Act, 1961. Chapter XX-C of the Act is intended to protect the interests of the Revenue by preventing evasion of tax in property dealings. When a sale is effected by the court by way of public auction, the value of the property is determined by the highest bid obtained at such auction. There is no question of the pr .....

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..... ise. Moreover, the authorities under the Income-tax Act cannot sit in judgment over the court's decision in the matter of determination of the price at which the property should be sold. In the case of Hindustan Petroleum Corporation Ltd. v. Elite Optical Industries [1995] 1 LW 67 it has been held by this court that when a sale deed is executed pursuant to an order made by the court under section .....

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