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[2010] 320 ITR 318 (Bombay)/[2008] 220 CTR 357 (Bombay) [2008] 220 CTR 357 (Bombay) HIGH COURT OF BOMBAY NAGPUR BENCH Shewalkar Developers (P.) Ltd. v. Union of India ANOOP V. MOHTA AND C.L. PANGARKAR, JJ. WRIT PETITION. NO. 719 OF 1993 AUGUST 7, 2008 Section 269UD of the Income-tax Act, 1961 - Purchase of immovable property by Central Government - Order by Appropriable Authority (In favour of assessee) Shewalkar Developer (P.) Ltd. v. Union Of India [2008] 220 CTR (Bom.) 357 The comparison of incomparable properties is impermissible. Where the comparative transaction was not considered by the appropriate authority properly and there was no material and/or decision and/or instances brought on record to determine a 'fair market value', order of purchase of property could not be upheld. Shashank Manohar for the Appellant. A.S. Jaiswal and S.C. Mehadias, for the Respondent. JUDGMENT Anoop V. Mohta, J. : The petitioner has challenged an order dated 23rd Feb., 1993 passed under section 269UD(1) of the IT Act, 1961 (For short "Act") and an order under section 269UE(2) of the Act, dated 4th March, 1993, thereby holding that the apparent consideration shown by transferor/transferee in Form No. 37-I of the IT Act has been grossly understated and therefore, subjected the said property for pre-emptive protection at the consideration of Rs. 20,67,500 (-) Rs. 1,07,043 =. 19,60,456 and, therefore, directed the transferee to handover the possession. The petitioner (transferee) entered into an agreement of development and sell with one Shri Vikramsinha Bisen and five others (transferors) to transfer the land admeasuring 16,540 sq. ft in Khasra No. 55, Mouja Ajni PSK 9, Wardha Road, Nagpur, for consideration of Rs. 20,67,500 i.e., @ Rs. 125 per sq. ft. The property mentioned in the agreement was sold @ Rs. 150 per sq. ft., however, the consideration was agreed to be paid @ Rs. 119 per sq. ft. i.e. at 26 per cent less than the market rate as observed in the order dated 23rd Dec, 1993. 2. As the said property was purchased by the Appropriate Authority by order dated 29th Dec, 1989 under section 269UD(1) of the Act the petitioner had filed writ petition which was allowed by…

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