1994 (11) TMI 80

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..... 5-C is the appellant. The petitioners in the original petition who are respondents herein purchased two items of properties in their separate names. The plots so purchased lie contiguous. The total extent of the properties is 15.5 cents. They constructed a building in the plot by taking a loan from a bank. The building is so constructed that it covers portions of both plots. They wanted to sell th .....

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..... 230A of the Act. This request was turned down by the Deputy Commissioner of Income-tax. Questioning the above action of the Income-tax Officer and the Deputy Commissioner of Income-tax, the petitioners moved this court by filing Original Petition No. 15568 of 1993. The learned single judge took the view that the petitioners are separate owners of different parcels of land and co-owners of the bui .....

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..... first petitioner has an extent of 7.5 cents of land and the area owned by the second petitioner is 8 cents. Thus virtually they are having equal shares in the value of the property. The total consideration for the entire property and the building is Rs. 12.75 lakhs. From this, it is crystal clear that the value of each share of the two petitioners is less than Rs. 10 lakhs. This being the factual .....

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