2000 (12) TMI 2

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.... 269UA is the definition section for the purposes of the Chapter. Clause (b) thereof defines "apparent consideration". So far as is relevant, "apparent consideration" means : "(1) in relation to any immovable property in respect of which an agreement for transfer is made, being immovable property of the nature referred to in sub-clause (i) of clause (d), means,--- (i) if the immovable property is to be transferred by way of sale, the consideration for such transfer as specified in the agreement for transfer ; ... and where the whole or any part of the consideration for such transfer is payable on any date or dates falling after the date of such agreement for transfer, the value of the consideration payable after such date shall be deemed....

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....urchase by the Central Government of the immovable property shall stand abrogated and the immovable property shall stand re-vested in the transferor. On a plain reading of section 269UA(b), there is no interlinking of the apparent consideration to be determined thereunder with the payment to be made by the Central Government on purchase under Chapter XX-C. Section 269UA(b) prescribes how the apparent consideration under the agreement, that is, the consideration for the agreement, is to be determined, and it states that if the consideration under the agreement is payable on any date or dates falling after the date of the agreement, the value of the consideration that is payable after the date of the agreement shall be deemed to be the disco....