TaxTMI 
TaxTMI 
TaxTMI 
1994 (9) TMI 11
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....opers. Respondents Nos. 6 to 8 are the owners of land lying and being at village Nahur, District Bombay, along with the structure standing thereon. By an agreement dated May 28, 1993, between respondents Nos. 6 to 8 therein referred to as the "vendors", and the first petitioner therein referred to as the "purchaser", respondents Nos. 6 to 8 agreed that subject to a " no objection certificate " being granted by the appropriate authority under the Act, respondents Nos. 6 to 8 shall sell to the first petitioner the said immovable property for the consideration of Rs. 69,25,000 to be paid as set out therein. As required by the provisions of section 269UC of the Act, the first petitioner along with respondents Nos. 6 to 8 filed a statement in t....
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....lation) Act and is void. The first petitioner, thereafter, applied for a review of the said order. By its order dated December 3, 1993, the appropriate authority rejected the said application for review. Both these orders dated September 28, 1993, and December 3, 1993, are challenged by the petitioners in this petition. Shri Dastoor, learned counsel appearing for the petitioners, has submitted that the appropriate authority has been constituted by the Central Government under section 269UB of the Act and that section 269UC of the Act places restrictions on the transfer of any immovable property of the value exceeding Rs. 10 lakhs. In the submission of Mr. Dastoor, under section 269UC, no transfer of any immovable property of the value exce....
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....on stated in the agreement. In the submission of Shri Dastoor, the appropriate authority has no jurisdiction to go into the object or the purpose of the transaction or its validity and legality and since the appropriate authority has failed to exercise jurisdiction under sub-section (1) of section 269UD within the stipulated period, the jurisdiction of the appropriate authority to direct purchase of the said immovable property by the Central Government stands extinguished and the first petitioner and respondents Nos. 6 to 8 are entitled to obtain the " no objection certificate " as contemplated by sub-section (3) of section 269UL of the Act. In support of his submissions, Shri Dastoor has put reliance on the judgment of the Delhi High Court....
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....of the other clauses thereof, if respondents Nos. 6 to 8 desire to transfer the exempted land to any other person by way of sale, mortgage, gift, lease or otherwise, respondents Nos. 6 to 8 would apply to the State Government for prior permission for such transfer. Relying upon the said exemption order, Shri Sethna submitted that it was obligatory upon respondents Nos. 6 to 8 to obtain the requisite permission as contemplated thereunder before entering into the said agreement to transfer the said property and since the requisite permission has not been obtained, the said agreement for transfer, being contrary to law, is void and the appropriate authority is justified in treating the said application as non est. There is no merit in the sub....