9911796707
TMI Blog1998 (7) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... e developers. By different agreements they entered into contracts with the owners of the land in question, the Boses. These were agreements for sale and development agreements. Pursuant to these Sashank have built upon the land. They now proposed to sell the nine flats and there are already on the scene some six purchasers who have paid the money. The writ application has arisen because on an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shank is that the Boses would not need any clearance under section 230A for registration because the individual interest of the numerous Boses is each valued under Rs. 5,00,000. Although this is the case in the writ petition, the application made in the prescribed form for obtaining clearance under section 230A gives a different picture. There Sashank had claimed itself to be the legal owner in r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cant's interest sought to be transferred were the sole subject-matter of a conveyance or assignment, it would have required registration under section 17. (iii) The value of the interest sought to be conveyed must exceed Rs. 5,00,000. (iv) There might be several applicants under section 230A in respect of the same prospective document each applying to his own Income-tax Officer. (v) The decisio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t is also in the interests of the Revenue that transfers are not made without clearance of tax liability. It should also not be lost sight of, that persons without income-tax liability who have engaged in some sort of productive economic activity should get the certificate or other benefits if their applications are not tainted by any illegality. All parties and all others concerned to act on a s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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