TaxTMI 
TaxTMI 
2009 (6) TMI 135
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....t No. 16, admeasuring 860 sq. ft. built up area, situated on the fourth floor of the building known as Mahim Jolly Cottage Co-operative Housing Society Limited at Bhagoji Kir Marg, Mahim. The petitioner agreed to sell the said flat to respondent No. 5 for a consideration of Rs. 17,50,000. Accordingly, an agreement for sale was entered into between the petitioner and respondent No. 5 on September 4, 1994, through a broker J. D. Pingale. An amount of Rs. 9 lakhs was paid by respondent No. 5 to the petitioner at the time of execution of agreement for sale and the balance amount was to be paid on or before November 30, 1994. Form No. 37-I giving details of the said transaction and duly signed by the petitioner and respondent No. 5, was handed o....
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....s of different properties, on the basis of which the Appropriate Authority had come to conclusion that the market value of the subject property was about Rs. 5,000 per sq. ft. While the apparent consideration was only Rs.1,933 per sq. ft. According to the petitioner, the properties in three transactions relied upon by the Appropriate Authority are far away from the subject property. Those properties are quite close to Shivsena Bhavan and Shivaji Park and properties in that area carry higher market price in comparison to the price of the properties in the vicinity where the subject flat is situated. In support of this contention, he also relied upon a transaction between Mr. Ashutosh Arvind Kumbhakoni and Mrs. Nirmala Pandit and others by wh....
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....rative Housing Society Ltd. is situated just after the Shivsena Bhavan from where the boundary of Mahim starts. The society' address as per its letter head is "Anmol Apartments, 89, Sakharam Kir Road, Shivaji Park, Mahim, Bombay. "Anmol Apartment is newly constructed building with ground plus 8 storeys, having 2 lifts with parking facility. Mahesh Cottage Co-operative Housing Society Ltd. is situated at 216, Cadel Road, Mahim. The building is sea facing and is near the Shivaji Park, with ground plus six storeys having one lift and car parking facility. Building is situated between the Cadel Road and the Arabian sea. The subject property is on the fourth floor of Mahim Jolly Co-operative Housing Society Ltd. It is near the Paradise cinema wh....
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....d on the fourth floor. In view of this, value of the flat on the fourth floor should, be much less than the value of the flat on the second floor. 6. Admittedly, the carpet area of the flat purchased by Mr. Ashutosh Kumbhakoni was shown to be 805 sq. ft. and the consideration was Rs. 18,51,000. It is rightly pointed out by learned counsel for the petitioner that in respect of the subject flat, built up area was shown to be 860 sq. ft. According to the petitioner, built up area of the flat purchased by Mr. Ashutosh Kumbhalconi would be 925 sq. ft. Normally, built up area is 15 to 20 per cent. more than carpet area. There is no denial that the built up area of flat No. 9 purchased by Ashutosh Kumbhakoni may be about 925 sq. ft. and, theref....
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....na Bhavan while Anmol Co-operative Housing Society is at distance of only 200 meters from Sena Bhavan even according to the Revenue. 8. The petitioner has also produced the copy of the ready reckoner issued by the Government for the purpose of charging stamp duty during the period from 1990-99. As per the affidavit of the petitioner, the properties at Anmol Society and Mahesh Cottage are situated in zone 5-R which is the area of Lady Jamshedji Road between Gadkari Chowk Sena Bhavan to City Light Cinema while the subject property is situated in the portion of Lady Jamshedji Road between City Light cinema to Mahim Junction on the same road. That area falls in 6-R zone. The ready reckoner confirms this fact as property numbers included in e....
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....es shown in the ready reckoner can be used at least to find out whether there was any difference in the prices in the properties situated in different zones. In the present case, the prices shown in the ready reckoner for the purpose of stamp duty in 5-R zone and 6-R zone are substantially different. It may be pointed out that in Vishwa Bandhu Pearyelal Gupta of Bombay v. S. K. Laul [2008] 302 ITR 157, a Division Bench of this court had taken into consideration the ready teckoner to see the disparity in the prices fixed by the Government for the properties situated at Juhu and Versova areas. In Deputy CIT v. Express Towers P. Ltd. [2001] 249 ITR 556, the Supreme Court maintained the order of this High Court setting aside pre-emptive purchas....