TMI Blog1998 (11) TMI 56X X X X Extracts X X X X X X X X Extracts X X X X ..... s to Rs. 22 lakhs per ground. That view of the authority was based on two transactions under the agreement dated October 20, 1994. The proposed purchaser under those agreements was a developer who had purchased the two plots for the purpose of using the plots, together for further development. No question of tenancy which would decrease the value of the property arises in those cases. Though the transferor had not filed objections, the transferee in his objection to the show-cause notice stated that the transferee is a tenant and that he has been there for several years; that the transferor was obliged to the transferee because of the help provided by the transferee and his family on various occasions including in the admission of the tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are of the notice having been received and had not filed any objection to the notice. Counsel further submitted that the parents of the transferee were residing in the premises as tenants though the transferee himself was carrying on business at Vellore and that there are records, such as voters' list, rental receipts to show that the transferee was a tenant, that rents had been paid by the tenant, and that there are bank statements to substantiate the same. The transferor has stated that due to failure in memory, he had omitted to bring the factum of tenancy on record in the agreement and in Form No. 37-I. In the circumstances, the authority ought not to have held that the tenancy was doubtful and even if the tenancy was there, it would ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urpose of putting up a multi-storeyed construction thereon. The authority shall keep these factors in mind while computing the value of the property of the petitioners herein. The impugned order has omitted to take into account some relevant facts, and has proceeded under a wrong assumption that the property acquired by the developer for carrying out substantial development by way of construction of buildings with several floors, can be compared with a small property, the impugned order is therefore set aside. The matter is remitted back to the authority for fresh disposal in accordance with law, and in the light of the observations made in this order. W. P.s are accordingly ordered. WMPs are closed. - - TaxTMI - TMITax - Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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