Law:

Section:

Section 269UD of the Income-tax Act, 1961 - Purchase of Immovable Properties by Central Government - Order by Appropriate Authority Where property in question was a trust property and it was transferred after due sanction, as required under the Bombay Public Trusts Act, sale instance of subsequent year and of the property situated in other locality could not be treated a basis for determining the so-called undervaluation of the market value as alleged so as to justify purchase of the said property based on such sale instance. CASES REFERRED TO Appropriate Authority of Income-tax v. Jagdish Electricians India (P.) Ltd. [2003] 264 ITR 468 (SC) (para 3), Cigeo Construction Co. (P.) Ltd. v. Appropriate Authority [2010] 322 ITR 474 (Bom.) (para 4), C.B. Gautam v. Union of India [1993] 199 ITR 530 (SC) (para 5),Jagdish Electronics ( India) (P.) Ltd. v. Appropriate Authority [2000] 242 ITR 326 (Bom.) (para 3), Jai Nadershah Karani v. C.M. Betgeri, CIT [2007] 290 ITR 594 (Bom.) (para 3),Mehta Modi &. Co. v. Appropriate Authority [2008] 4 Mah LJ 642 (para 4), Nirmal Laxminarayan Grover v. Appropriate Authority [1997] 223 ITR 572 (Bom.) (para 3), Om Shri Jigar Association v. Union of India [1994] 209 ITR 608 (Guj.) (para 5), Smt. Pratibha Sheth v. S.C. Prasad [2006] 281 ITR 338 (Bom.) (para 3), Shewalkar Developers (P.) Ltd.v. Union of India [2010] 320 ITR 318 (Bom.) (para 4), Shreyas Builders v. M.D. Kodnani[2000] 242 ITR 320 (Bom.) (para 3) and Sona Builders v. Union of India [2001] 251 ITR 197 (SC) (para 3). M.G. Bhangde and V.V. Bhangde for the Petitioner. A.S. Jaiswal and S.K. Mishra for the Respondent. JUDGMENT Anoop V. Mohta, J.-The petitioner has challenged the impugned order under section 269UD(1) of the Income-tax Act, 1961 (for short "IT Act") and all actions arising out of the same. Respondent No. 2 owns and possesses a Malik Makbuja plot of land bearing Plot No. 18, City Survey No. 252/2, Mouza Lendra, i.e., 10,000 sq. ft./929.03 sq. metre together with the dwelling units in dilapidated condition in Shradhhanand Peth, Bajaj Nagar, Nagpur, Tahsil and district Nagpur. The said property came to be transferred in their favour by the will executed by one Dr.…

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