TaxTMI 
TaxTMI 
1996 (5) TMI 33
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....een taken. The property in dispute is 33,333 sq. ft. of land of Municipal Plot No. 7 at Yeshwant Niwas Road, in the town of Indore. The total area of Municipal Plot No. 7 is 1,00,000 sq. ft. Respondents Nos. 4 and 5, i.e., the transferors, agreed to sell the property to the petitioners by agreement dated July 29, 1994, for a sum of Rs. 90,00,000. The statement of proposed transfer was submitted to the appropriate authority. The appropriate authority in exercise of its power under section 269UD(1A) of the Income-tax Act required the petitioner to show cause as to why an order of preemptive purchase be not made in accordance with the provisions of section 269UD(1) of the Income-tax Act, 1961. In the show-cause notice it has been stated that,....
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....e consequential order passed on January 6, 1995. This court by its order dated January 9, 1995, directed issuance of notice. However, no stay was granted against the order impugned. In the meanwhile, steps were taken by the authorities for sale of the property by public auction. The petitioners made a prayer for stay of the auction sale. This court by its order dated February 28, 1996, directed that "any settlement made during the pendency of the petition shall be subject to the decision of the writ petition". The auction was held on February 28, 1996, and the highest bid offered for the property is Rs. 2 crores and 5 lakhs. The highest bidder also paid the earnest money of Rs. 35 lakhs and the highest bidder's offer has been accepted. Shr....