2009 (12) TMI 29

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.... no.525, GA/163 constructed thereon. By an agreement of sale dated 21.04.1990, the petitioners agreed to transfer their lease-hold interest in the land and to sell the building situated thereon to the buyer for a sum of Rs.22,50,000/-. The Government initiated the proceedings under Section 269-UD under the Income Tax Act, which was challenged by the Act in the writ petition No. 7880 of 1990 as well as Daya Engineering Works (Sleeper) Pvt. Ltd. The property buyer also filed a writ petition which was numbered as Writ Petition No. 1604 of 1991. During the pendency of the said petitions, the Hon'ble Supreme Court upheld the validity of Section 269-UD in the case of C.B. Gautam v. Union of India and Others (1993) 1 SCC 78. So, the writ petiti....

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....ld have got it had the impugned order been held to be valid. But , on the other hand, however,r he would have retained possession of the property in question. Taking into account these factors and taking note of the fact that the immovable properties in urban areas have gone up steeply in value during the last few years, we direct that, in case an order for compulsory purchase is made, the Central Government shall pay to the intending seller the amount of the apparent consideration plus pay to the intending seller the amount of the apparent consideration plus interest at 9 per cent per annum from the date the impugned order was made." (ii).Chandrika Apartments Pvt. Ltd. v. Union of India (1993) 206 ITR 272 (Karnatka) where it was observe....