TaxTMI 
TaxTMI 
2008 (2) TMI 819
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....h owns the aforesaid property consisting of a cinema hall on the ground floor and mezzanine floor and a balcony with a screen and projector room above the mezzanine floor, in the building known as "Swastik Cinema Building" together with the land underneath admeasuring about 821.74 sqr. mtrs., being C. S. No. 1266 in Girgaum Division. This property in respect of which the petitioner claims to be the owner is more particularly described in exhibit A to the petition and is hereinafter referred to as the "suit property". The chronology of the facts which lead to the filing of the present petition are as under : (a) The petitioner-company acquired freehold rights in respect of the suit premises pursuant to a consent decree dated August 3, ....
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....ses unto the lessee for the term of 10 years commencing from the 30th day of April, 1982, with an option to the lessee to renew the lease for a further period of ten years by giving notice as hereinafter provided" (c) It is the case of the petitioner that in view of the indenture of modification referred to herein above, the indenture of sub-lease dated April 30, 1982, came to an end by efflux of time on April 30, 1992. That even though the sub-lessee, i.e., Swastik (India) Private Limited had the right of one further renewal of 10 years, they did not exercise such right. Further, there was no document, either registered or unregistered, extending the lease for a further period of 10 years after the expiry of the term of 10 years on Apri....
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....ection 269UD the income-tax authorities learnt about the indenture of modification dated February 19, 1986, and realised that Swastik India Pvt.Ltd. did not have any right, title and interest in the suit premises. They, therefore, stopped the payment of the cheques amounting to Rs. 4 crores which they had issued in favour of the shareholders of Swastik India Private Limited. (h) On the payment of Rs. 4 crores being stopped as aforesaid, the shareholders of Swastik India Pvt. Ltd. filed a writ petition being Writ Petition No. 1887 of 1997. During the pendency of this petition, by an order dated December 12, 1997, the court directed the appropriate authority to deposit with the prothonotary and senior master Rs. 4 crores and the amount was....
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....It was further recorded in the judgment that there was no suppression of material facts from the income-tax authorities. All the relevant documents were produced before the appropriate authority. Even the valuation report indicated that the lease subsisted on the expiry of 10 years. This court thus allowed the writ petition and directed the respondents to forthwith pay amount of Rs. 4 crores to the petitioner. A direction was given to the prothonotary and senior master to encash the F. D. and pay the entire amount including interest up to the date of encashment to the petitioner. We are informed that this amount has already been handed over to the petitioner in Writ Petition No. 1887 of 1997. It would be appropriate to note that the present....
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....emises came to be published in Times of India dated September 10, 2007, at the behest of the income-tax authorities and this has given rise in the filing of the present petition. On perusing the record and in the aforesaid circumstances, we find that the petitioner has clearly acquired a right of ownership in respect of the suit premises. When this right was acquired, Swastik India (P) Ltd. who is respondent No. 4 in this petition, was the sub-lessee. The rights of Swastik India (P) Ltd. were modified by the indenture of modification dated February 19, 1986. The order under section 269UD related to the acquisition of the shareholding of Swastik India (P) Ltd. and thus the Union of India stands in the shoes of Swastik India (P) Ltd., i.e.....