2005 (8) TMI 53

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....dhar J.- The short point raised in this petition is, whether, by the impugned order dated December 24, 1991 the Assistant Commissioner of Income-tax, Circle 1(4), was justified in holding that the transfer of office premises bearing No. 5 situated on the ground floor, Plot No. 210, Block III, Nariman Point, Bombay 400 021 (hereinafter referred to as "the said premises"), by respondent No. 3 in fav....

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.... issued a notice under section 281(1) of the Income-tax Act, 1961 calling upon respondent No. 3 to show cause as to why the transfer of the said premises in favour of the petitioner should not be treated as invalid on the ground that the said property was sold during the pendency of the assessment proceedings. The petitioner was not a party to the said proceedings and without hearing the petitione....

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....on were not met and that the petitioner is a bona fide purchaser of the said premises. By the impugned order dated December 24, 1991 the Assistant Commissioner of Income-tax once again held that the transfer of the said premises in favour of the petitioner was void under section 281 of the Income-tax Act. Hence, this petition. Mr. Mistry, learned advocate appearing on behalf of the petitioner r....

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....fide purchaser and, therefore, the transfer of the said premises in favour of the petitioner is saved under section 281 of the Income-tax Act. Although, the petition was admitted in the year 1992, the respondents have not chosen to file affidavit-in-reply till date. However, Mr. Daniel, learned counsel for the Revenue, fairly stated that in the-facts of the case it is not possible to support th....