It may be stated that the Appropriate Authority took into companysideration tine various sate instances relied on by the parties as well as the gradual trend in the enhancement of the value of the property.
Respondent number 2 Shri A.G. Krishna is the owner of the property.
1233 of 1996.
The said order of the Appropriate Authority was assarted by respondent numberl, the proposed transferee, by filing a Writ Petition which was registered as Writ Petition No.
1, however, challenged the said order by preferring an appeal and the Division Bench by the impugned judgment and order dated 6th March, 1997, came to hold that the Appropriate Authority has companye to the companyclusion about the valuation of the tend by taking into companysideration the sale instances which are number companyparable with the property in question and thereby the companyclusion is vitiated.
The Appropriate Authority under the Income Tax Act in exercise of its powers under Section 269 UD of the Act passed an order for purchase of the property by the Central Government on an amount equal to the amount of companysideration mentioned in the agreement to sate after due numberice to the transferor of the property and after arriving at a companyclusion that the property in question has been undervalued by a sum of Rs.200/ per square feet.
7586 of 1996.
The aforesaid order was passed by the Appropriate Author on 28.2.1996.
The property in question is situated in Btock 5, Jayanagar, Bangatore 560 measuring 85 feet from east to west and 122 feet from numberth to south bearing number 483/24.
The said Writ Appeal arises out of a proceeding initiated under Chapter XX C of the income Tax Act.
With these companyclusions the order passed by the Appropriate Authority having been quashed and the Writ Appeal having been allowed the said Appropriate Authority is in appeal in this Court.
He entered into an agreement of sale with respondent number 1 Smt.
Sudha Patil for a companysideration of 63,44,000 under agreement dated 25.9.1995.
PATTANAIK, J. This appeal is directed against the Judgment and order dated 6th March, 1907, passed by the Division Bench of Karnataka High Court in Writ Appeal No.
