https://www.taxtmi.com/caselaws?id=11396 The court allowed the petitioner's claim for refund of earnest money paid to the vendor and held that the petitioner, as the vendee who paid earnest money, was entitled to receive part of the consideration from the Central Government under section 269UG(1) of the Income-tax Act, 1961. As the amount was not tendered to the petitioner, there was non-compliance with the Act, leading to the abrogation of the preemptive purchase order. The property would revert to the vendor, emphasizing the importance of statutory compliance in preemptive purchase situations. en-us Thu, 30 Oct 2003 00:00:00 +0530 Fri, 07 Aug 2009 18:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11396 The court allowed the petitioner's claim for refund of earnest money paid to the vendor and held that the petitioner, as the vendee who paid earnest money, was entitled to receive part of the consideration from the Central Government under section 269UG(1) of the Income-tax Act, 1961. As the amount was not tendered to the petitioner, there was non-compliance with the Act, leading to the abrogation of the preemptive purchase order. The property would revert to the vendor, emphasizing the importance of statutory compliance in preemptive purchase situations. Case-Laws Income Tax Thu, 30 Oct 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11396