https://www.taxtmi.com/caselaws?id=22026 Under Chapter XX-C of the Income-tax Act, 1961, on receipt of a valid statement under section 269UC the appropriate authority had only two permissible courses: exercise the right of pre-emptive purchase within the statutory period or issue a no objection certificate to enable the transfer. It could not decline both reliefs or keep the matter pending beyond the prescribed time limit. Once the two-month period from the end of the month of filing expired, the right to purchase lapsed. The impugned refusal was therefore unsustainable, and the authority was directed to issue the no objection certificate under section 269UL(3). en-us Mon, 23 Sep 1991 00:00:00 +0530 Fri, 23 Mar 2018 15:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22026 Under Chapter XX-C of the Income-tax Act, 1961, on receipt of a valid statement under section 269UC the appropriate authority had only two permissible courses: exercise the right of pre-emptive purchase within the statutory period or issue a no objection certificate to enable the transfer. It could not decline both reliefs or keep the matter pending beyond the prescribed time limit. Once the two-month period from the end of the month of filing expired, the right to purchase lapsed. The impugned refusal was therefore unsustainable, and the authority was directed to issue the no objection certificate under section 269UL(3). Case-Laws Income Tax Mon, 23 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22026