TMI Blog1993 (3) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... hash Road, Bombay-400 002. The petitioner entered into an agreement dated August 1, 1987, with the third respondent under which the petitioner had agreed to sell the above flat to the third respondent for a sum of Rs. 23 lakhs. This was the subject-matter of an earlier order of purchase under section 269UD dated September 23, 1987. This order was challenged in Writ Petition No. 3290 of 1987. The petition was admitted and a stay of the order of September 23, 1987, was granted in terms of the minutes dated October 7, 1987. The writ petition was disposed of by this court by their order dated December 18, 1992, in the light of the judgment of the Supreme Court in the case of C. B. Gautam v. Union of India [1993] 199 ITR 530. The High Court di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hey were sold much earlier. The appropriate authority has also dealt with the two instances which were relied upon by the petitioner. It has held that even in respect of the instance of a sale of flat in Thakur Niwas, which is relied upon by the petitioner, the rate is Rs. 2,075 per sq. ft. as against the rate of Rs. 1,735 per sq. ft. in the case of the petitioner. The authority has further observed that in respect of the sale of a flat in the Rajhans Building (the second instance relied upon by the petitioner), the petitioner has not given any particulars and hence this instance is of no assistance. The petitioner contends that the sale of this flat in the Rajhans Building was approved by respondents Nos. 1 and 2 and hence they ought to ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the present case that the comparable sale instances have not been taken into account or have not been properly considered, does not appear to be justified. It was next contended by Mr. Dastur, learned counsel for the petitioner, that the property suffered from certain disadvantages and hence it fetched a lower price compared to the instances relied upon by the Department. We find from the order that these disadvantages pointed out by the petitioner have also been considered by the appropriate authority. It has dealt with this submission and has concluded by saying that each building and each flat has its own good points as well as defects. Therefore, an overall picture has to be taken into consideration for taking a decision in respect o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1987. It provides as follows: "The sum of Rs. 23,00,000 (rupees twenty-three lakhs only) shall be paid by the transferee to the transferor as follows, that is to say, the sum of Rs. 2,00,000 (rupees two lakhs only) on or before the execution of this agreement as and by way of earnest money or deposit and part payment of the purchase price of the Share Certificate No. 3 bearing five shares bearing Nos. 11 to 15 both inclusive with incidental rights to use and occupy flat No. 1 (the payment and receipt whereof the transferor doth hereby admit and acknowledge) and the balance amount will be given by the transferee to the transferor on delivering the original certificates and actual vacant possession of the said flat to the transferee." Cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate or dates failing after the date of such agreement for transfer, the value of the consideration payable after such date shall be deemed to be the discounted value of such consideration, as on the date of such agreement for transfer, determined by adopting such rate of interest as may be prescribed in this behalf. This is prescribed at 8 per cent. under rule 48-I. In the present case, on a perusal of clauses 3 and 11 of the agreement, we find that under the agreement the sum of Rs. 2 lakhs is paid on or before the execution of the agreement while the balance of Rs. 21 lakhs is to be paid within 30 days from the receipt of the no objection letter in respect of Form No. 37-I. This clearly prescribes a date for payment which is subsequent ..... X X X X Extracts X X X X X X X X Extracts X X X X
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