TMI Blog1994 (7) TMI 30X X X X Extracts X X X X X X X X Extracts X X X X ..... lication of the ratio of that decision to his case and has accordingly dismissed the writ petition. The relevant facts in this case are as follows: There was an agreement of sale entered into between the petitioner and the third respondent in respect of the immovable property in question on August 25, 1988, under which the third respondent agreed to sell the immovable property in question to the petitioner for a sum of Rs. 19,00,000 and out of that a sum of Rs. 1,00,000 was paid by the petitioner to the third respondent as an advance. Pursuant to the agreement, the petitioner and the third respondent applied for permission to the appropriate authority under the provisions of the Income-tax Act. However, the appropriate authority exercis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... getting or taking possession from respondents Nos. 1 and 2. The writ petitioner further on payment of Rs. 1,00,000 to third respondent in the writ petition, is entitled to ask for execution of a sale deed from the third respondent. These petitions are disposed of accordingly without prejudice to the contentions of both parties in the main writ petition. " The decision in Gautam's case [1993] 199 ITR 530 was rendered by the Supreme Court on November 17, 1992, and the clarificatory note was made on November 27, 1992. Thus it is clear that the transaction had not been completed when the writ petition was filed. Though possession was delivered by the vendor, immediately the intending purchaser approached the court and obtained an order of te ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0. (3) In the event the appropriate authority grants permission for purchasing the property by the petitioner/appellant, it is open to the appropriate authority to encash the bank guarantee. In that event, the petitioner/appellant shall pay interest at the rate of 12 per cent. on the sum of Rs. 19,00,000 to the appropriate authority from the date the appropriate authority had paid that sum to the vendor within three weeks from the date the order granting permission for sale is passed. (4) In the event the appropriate authority decides to order compulsory purchase of the property in question, the bank guarantee of Rs. 19,00,000 furnished by the petitioner/appellant shall stand cancelled. The parties shall appear before the appropriate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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