[CHAPTER XX-A
ACQUISITION OF IMMOVABLE PROPERTIES IN CERTAIN CASES OF
TRANSFER TO COUNTERACT EVASION OF TAX
269A. In this Chapter, unless the context otherwise
requires,—
(a) [“apparent
consideration”,—
(1) in
relation to any immovable property transferred, being immovable property of the
nature referred to in sub-clause (i) of clause
(e), means,—]
(i) if the transfer is by
way of sale, the consideration for such transfer as specified in the instrument
of transfer ;
(ii) if the transfer is by way of exchange,—
(A) in a case where the consideration for the
transfer consists of a thing or things only, the price that such thing or
things would ordinarily fetch on sale in the open market on the date of execution
of the instrument of transfer ;
(B) in a case where the consideration for the
transfer consists of a thing or things and a sum of money, the aggregate of the
price that such thing or things would ordinarily fetch on sale in the open
market on the date of execution of the instrument of transfer and such
sum ;
[(iii) if the transfer is by way of lease,—
(A) in a case where the
consideration for the transfer consists of premium only, the amount of premium
as specified in the instrument of transfer ;
(B) in a case where the consideration for the
transfer consists of rent only, the aggregate of the moneys (if any) payable by
way of rent and the amounts for the service or things forming part of or
constituting the rent, as specified in the instrument of transfer ;
(C) in a case where the consideration for the
transfer consists of premium and rent, the aggregate of the amount of the
premium, the moneys (if any) payable by way of rent and the amounts for the
service or things forming part of or constituting the rent, as specified in the
instrument of transfer,
and where the whole or any part of the
consideration for such transfer is payable on any date or dates falling after
the date of such transfer, the value of the consideration payable after such
date shall be deemed to be the discounted value of such consi-deration,
as on the date of such transfer, determined by adopting the rate of interest at
eight per cent per annum ;
(2) in relation to any immovable property transferred, being
immovable property of the nature referred to in sub-clause (ii) of
clause (e), means,—
(i) in a case where the
consideration for the transfer consists of a sum of money only, such sum ;
(ii) in a case where the consideration for the transfer consists of a
thing or things only, the price that such thing or things would ordinarily
fetch on sale in the open market on the date of the transfer ;
(iii) in a case where the consideration for the transfer consists of a
thing or things and a sum of money, the aggregate of the price that such thing
or things would ordinarily fetch on sale in the open market on the date of the
transfer and such sum,
and where the whole or any part of the
consideration for such transfer is payable on any date or dates falling after
the date of such transfer, the value of the consideration payable after such
date shall be deemed to be the discounted value of such consideration, as on
the date of such transfer, determined by adopting the rate of interest at eight
per cent per annum ;]
(b) “competent authority” means [a [Joint] Commissioner] authorised by the Central Government under section 269B to
perform the functions of a competent authority under this Chapter ;
(c) “court” means a principal civil court of original
jurisdiction unless the Central Government has appointed (as it is hereby authorised to do) any special judicial officer within any
specified local limits to perform the functions of the court under this Chapter
;
[(d) “fair
market value”,—
(i) in relation to any immovable property transferred
by way of sale or exchange, being immovable property of the nature referred to
in sub-clause (i) of clause (e), means
the price that the immovable property would ordinarily fetch on sale in the
open market on the date of execution of the instrument of transfer of such
property ;
(ii) in
relation to any immovable property transferred by way of lease, being immovable
property of the nature referred to in sub-clause (i)
of clause (e), means the premium that such transfer would ordinarily
fetch in the open market on the date of execution of the instrument of transfer
of such property, if the consideration for such transfer had been by way of
premium only ;
(iii) in
relation to any immovable property transferred, being immovable property of the
nature referred to in sub-clause (ii) of clause (e), means the
consideration in the form of money that such transfer would ordinarily fetch in
the open market on the date of the transfer, if such transfer had been made
only for consideration in money ;]
(e) [“immovable
property” means,—
(i) any land or any building] or part of a
building, and includes,where any land or any building
or part of a building is transferred together with any machinery, plant,
furniture, fittings or other things, such machinery, plant, furniture, fittings
or other things also.
Explanation.—For the purposes
of this [sub-clause], land, building, part of a building, machinery, plant,
furniture, fittings and other things include any rights therein ;
[(ii) any rights
of the nature referred to in clause (b) of sub-section (1) of section
269AB ;]
[(f) “instrument of transfer” means the
instrument of transfer registered under the Registration Act, 1908 (16 of
1908), or, as the case may be, the statement registered under section 269AB
with the competent authority ;]
(g) “person
interested”, in relation to any immovable property, includes all persons
claiming, or entitled to claim, an interest in the compensation payable on
account of the acquisition of that property under this Chapter ;
[(h) “transfer”,—
(i) in relation to any immovable property referred
to in sub-clause (i) of clause (e),
means transfer of such property by way of sale or exchange or lease for a term
of not less than twelve years, and includes allowing the possession of such
property to be taken or retained in part performance of a contract of the
nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of
1882).
Explanation.—For the purposes
of this sub-clause, a lease which provides for the extension of the term
thereof by a further term or terms shall be deemed to be a lease for a term of
not less than twelve years if the aggregate of the term for which such lease
has been granted and the further term or terms for which it can be so extended
is not less than twelve years ;
(ii) in
relation to any immovable property of the nature referred to in sub-clause (ii)
of clause (e), means the doing of anything (whether by way of transfer
of shares in a co-operative society or company or by way of any agreement or
arrangement or in any other manner whatsoever) which has the effect of
transferring, or enabling the enjoyment of, such property.]
[Registration of certain transactions.
269AB. (1) The following transactions, that is to
say,—
(a) every
transaction involving the allowing of the possession of any immovable property
to be taken or retained in part performance of a contract of the nature
referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882),
and
(b) every
transaction (whether by way of becoming a member of, or acquiring shares in, a
co-operative society, company or other association of persons or by way of any
agreement or any arrangement of whatever nature) whereby a person acquires any
rights in or with respect to any building or part of a building (whether or not
including any machinery, plant, furniture, fittings or other things therein)
which has been constructed or which is to be constructed [not being a
transaction by way of sale, exchange or lease of such building or part of a
building which is required to be registered under the Registration Act, 1908
(16 of 1908)],
shall be reduced to
writing in the form of a statement by each of the parties to such transaction
or by any of the parties to such transaction acting on behalf of himself and on
behalf of the other parties.
(2) Every
statement in respect of a transaction referred to in sub-section (1) shall—
(a) be in the prescribed form ;
(b) set forth such particulars as may be prescribed ; and
(c) be verified in the prescribed manner,and
registered with the competent authority, in such manner and within such time as
may be prescribed, by each of the parties to such transaction or by any of the
parties to such transaction acting on behalf of himself and on behalf of the
other parties.]
269B. (1) The Central Government may, by general or
special order published in the Official Gazette,—
(a) authorise as many [[Joint]
Commissioners], as it thinks fit, to perform the functions of a competent
authority under this Chapter ; and
(b) define the local limits within which the competent
authorities shall perform their functions under this Chapter.
(2) In
respect of any function to be performed by a competent authority under any
provision of this Chapter in relation to any immovable property referred to in
section 269C, the competent authority referred to therein shall,—
(a) in a case where such property is situate within the local
limits of the jurisdiction of only one competent authority, be such competent
authority ;
(b) in a case where such property is situate within the local
limits of the jurisdiction of two or more competent authorities, be the
competent authority empowered to perform such functions in relation to such
property in accordance with rules made in this behalf by the Board under
section 295.
[Explanation.—For
the purposes of this sub-section, immovable property, being rights of the
nature referred to in clause (b) of sub-section (1) of section 269AB in,
or with respect to, any building or part of a building which has been
constructed or which is to be constructed shall be deemed to be situate at the
place where the building has been constructed or is to be constructed.]
(3) No
person shall be entitled to call in question the jurisdiction of a competent
authority in respect of any immovable property after the expiry of thirty days
from the date on which such competent authority initiates proceedings under
section 269D for the acquisition of such property.
(4) Subject
to the provisions of sub-section (3), where the jurisdiction of a competent
authority is questioned, the competent authority shall, if satisfied with the
correctness of the claim, by order in writing, determine the question
accordingly and if he is not so satisfied, he shall refer the question to the
Board and the Board shall, by order in writing, determine the question.
Immovable property in respect of which
proceedings for acquisition may be taken.
269C. (1) Where the competent authority has reason
to believe that any immovable property of a fair market value exceeding [one
hundred] thousand rupees has been transferred by a person (hereafter in this
Chapter referred to as the transferor) to another person (hereafter in this
Chapter referred to as the transferee) for an apparent consideration which is
less than the fair market value of the property and that the consideration for
such transfer as agreed to between the parties has not been truly stated in the
instrument of transfer with the object of—
(a) facilitating the reduction or evasion of the liability of
the transferor to pay tax under this Act in respect of any income arising from
the transfer ; or
(b) facilitating the concealment of any income or any moneys or
other assets which have not been or which ought to be disclosed by the
transferee for the purposes of the Indian Income-tax Act, 1922 (11 of 1922), or
this Act or the Wealth-tax Act, 1957 (27 of 1957),
the competent
authority may, subject to the provisions of this Chapter, initiate proceedings
for the acquisition of such property under this Chapter :
Provided that before initiating such proceedings, the
competent authority shall record his reasons for doing so :
Provided further that
no such proceedings shall be initiated unless the competent authority has
reason to believe that the fair market value of the property exceeds the
apparent consideration therefor by more than fifteen
per cent of such apparent consideration.
(2) In any
proceedings under this Chapter in respect of any immovable property,—
(a) where
the fair market value of such property exceeds the apparent consideration therefor by more than twenty-five per cent of such apparent
consideration, it shall be conclusive proof that the consideration for such
transfer as agreed to between the parties has not been truly stated in the
instrument of transfer ;
(b) where
the property has been transferred for an apparent consideration which is less
than its fair market value, it shall be presumed, unless the contrary is proved,
that the consideration for such transfer as agreed to between the parties has
not been truly stated in the instrument of transfer with such object as is
referred to in clause (a) or clause (b) of sub-section (1).
269D. (1) The competent authority shall initiate
proceedings for the acquisition, under this Chapter, of any immovable property
referred to in section 269C by notice to that effect published in the Official Gazette :
Provided that no such proceedings shall be initiated in
respect of any immovable property after the expiration of a period of [nine]
months from the end of the month in which the instrument of transfer in respect
of such property is registered under the Registration Act, 1908 (16 of 1908),
[or, as the case may be, section 269AB] :
Provided
further that—
(a) in a case where it is determined under sub-section (4) of
section 269B by the competent authority who has initiated proceedings for the
acquisition of any immovable property under this Chapter or by the Board that
such competent authority has no jurisdiction to initiate such proceedings, the
competent authority having jurisdiction may initiate such proceedings within—
(i) the period of [nine]
months specified in the foregoing proviso ; or
(ii) a period of thirty days from the date of such
determination,whichever period expires later ;
(b) in
a case where proceedings for the acquisition of any immovable property under
this Chapter could not be initiated during any period of time by reason of any
injunction or order of any court prohibiting the initiation of such proceedings
or preventing the examination of documents or other materials required to be
examined for the purpose of determining whether such proceedings should
be initiated, the time of the continuance of the injunction or order, the
day on which it was issued or made and the day on which it was withdrawn shall
be excluded in computing the period during which such proceedings may be
initiated under this sub-section.
(2) The
competent authority shall—
(a) cause
a notice under sub-section (1) in respect of any immovable property to be
served on the transferor, the transferee, the person in occupation of the
property, if the transferee is not in occupation thereof, and on every person
whom the competent authority knows to be interested in the property ;
(b) cause such notice to be published—
(i) in his office by
affixing a copy thereof to a conspicuous place ;
(ii) in the locality in which the immovable property to which it
relates is situate, by affixing a copy thereof to a conspicuous part of the
property and also by making known in such manner as may be prescribed the
substance of such notice at convenient places in the said locality.
[Explanation.—The
provisions of the Explanation to sub-section (2) of section 269B shall
apply for the purposes of this sub-section as they apply for the purposes of
that sub-section.]
269E. (1) Objections against the acquisition of the
immovable property in respect of which a notice has been published in the
Official Gazette under sub-section (1) of section 269D may be made—
(a) by
the transferor or the transferee or any other person referred to in clause (a)
of sub-section (2) of that section, within a period of forty-five days from the
date of such publication or a period of thirty days from the date of service of
notice on such person under the said clause, whichever period expires later ;
(b) by any other person interested in such immovable property, within
forty-five days from the date of such publication.
(2) Every
objection under sub-section (1) shall be made to the competent authority in
writing.
(3) For the
removal of doubts, it is hereby declared that objection may be made under
sub-section (1) that the provisions of clause (a) of sub-section (2) of
section 269C do not apply in relation to any immovable property on the ground
that the fair market value of such property does not exceed the apparent
consideration therefor by more than twenty-five per
cent of such apparent consideration.
269F. (1) The competent authority shall fix a day
and place for the hearing of the objections made under section 269E against the
acquisition under this Chapter of any immovable property, and shall give notice
of the same to every person who has made such objection :
Provided that such
notice shall also be given to the transferee of such property even if he has
not made any such objection.
(2) Every
person to whom a notice is given under sub-section (1) shall have the right to
be heard at the hearing of the objections.
(3) The
competent authority shall have the power to adjourn the hearing of the
objections from time to time.
(4) The
competent authority may, before disposing of the objections, make such further
inquiry as he thinks fit.
(5) The
decision of the competent authority in respect of the objections heard shall be
in writing and shall state the reasons for the decision with respect to each
objection.
(6) If after
hearing the objections, if any, and after taking into account all the relevant
material on record, the competent authority is satisfied that,—
(a) the immovable property to which the proceedings relate is of
a fair market value exceeding [one hundred] thousand rupees ;
(b) the fair market value of such property exceeds the apparent
consideration therefor by more than fifteen per cent
of such apparent consideration ; and
(c) the
consideration for such transfer as agreed to between the parties has not been
truly stated in the instrument of transfer with such object as is referred to
in clause (a) or clause (b) of sub-section (1) of section 269C,
he may, after
obtaining the approval of the Commissioner, make an order for the acquisition
of the property under this Chapter.
Explanation.—In this sub-section,
“Commissioner”, in relation to a competent authority, means such Commissioner
as the Board may, by general or special order in writing, specify in this
behalf.
(7) If the
competent authority is not satisfied as provided in sub-section (6), he shall,
by order in writing, declare that the property will not be acquired under this
Chapter.
(8) The
competent authority shall serve a copy of his order under sub-section (6) or
sub-section (7), as the case may be, on the transferor, the transferee and on
every person who has made objections against such acquisition under section
269E.
(9) In any
proceedings under this Chapter in respect of any immovable property, no
objection shall be entertained on the ground that although the apparent consideration
for the property is less than the fair market value of the property on the date
of the execution of the instrument of transfer [or where such property is of
the nature referred to in sub-clause (ii) of clause (e) of
section 269A on the date of the transfer], the consideration as agreed to
between the parties has been truly stated in the instrument of transfer because
such consideration was agreed to having regard to the price that such property
would have ordinarily fetched [on such transfer in the open market on the date
of the conclusion of the agreement to transfer the property], except where such
agreement has been registered under the Registration Act, 1908 (16 of 1908).
Appeal against order for
acquisition.
269G. (1) An appeal may be preferred to the
Appellate Tribunal against the order for the acquisition of any immovable
property made by the competent authority under section 269F,—
(a) by
the transferor or the transferee or any other person referred to in sub-section
(8) of that section, within a period of forty-five days from the date of such
order or a period of thirty days from the date of service of a copy of the
order on such person under the said sub-section, whichever period expires later
;
(b) by any other person interested in such immovable property,
within forty-five days from the date of such order :
Provided that the Appellate Tribunal may, on an
application made in this behalf before the expiry of the said period of
forty-five days or, as the case may be, thirty days, permit, by order, the
appeal to be presented within such further period as may be specified therein
if the applicant satisfies the Appellate Tribunal that he has sufficient cause
for not being able to present the appeal within the said period of forty-five
days or, as the case may be, thirty days.
(2) Every
appeal under this section shall be in the prescribed form and shall be verified
in the prescribed manner and shall be accompanied by a fee of [two hundred]
rupees.
(3) The
Appellate Tribunal shall fix a day and place for the hearing of the appeal and
shall give notice of the same to the appellant and to the competent authority.
(4) The
Appellate Tribunal may, after giving the appellant and the competent authority
an opportunity of being heard, pass such orders thereon as it thinks fit.
(5) The
Appellate Tribunal may, at any time within thirty days from the date of the
order, with a view to rectifying any mistake apparent from the record, amend
any order passed by it under sub-section (4) and shall make such amendment if
the mistake is brought to its notice by the appellant or the competent authority :
Provided that if any such amendment is likely to
affect any person prejudicially, it shall not be made without giving to such
person a reasonable opportunity of being heard.
(6) The
Appellate Tribunal shall send a copy of any orders passed under this section to
the appellant and to the Commissioner.
(7) Save as provided in section 269H, orders passed by the
Appellate Tribunal on appeal shall be final.
(8) Every
appeal under this section shall be disposed of as expeditiously as possible and
endeavour shall be made to dispose of every such
appeal within ninety days from the date on which it is presented.
(9) The
provisions of section 255 (except sub-section (3) thereof) shall, so far as may
be, apply in relation to the powers, functions and proceedings of the Appellate
Tribunal under this section as they apply in relation to the powers, functions
and proceedings of the Appellate Tribunal under Chapter XX.
269H. (1) The Commissioner or any person aggrieved
by any order of the Appellate Tribunal under section 269G may, within sixty
days of the date on which he is served with notice of such order under that
section, prefer an appeal against such order to the High Court on any question
of law :
Provided that the High Court may, on an application
made in this behalf before the expiry of the said period of sixty days, permit,
by order, the appeal to be presented within such further period as may be
specified therein, if the applicant satisfies the High Court that he has
sufficient cause for not being able to present the appeal within the said
period of sixty days.
(2) An
appeal under sub-section (1) shall be heard by a Bench of not less than two
Judges of the High Court and the provisions of section 259 shall apply in
relation to any such appeal as they apply in relation to a case referred to the
High Court under section 256.
(3) The
costs of the appeal shall be in the discretion of the High Court.
Vesting of property in Central Government.
269-I. (1) As soon as may be after the order for
acquisition of any immovable property made under sub-section (6) of section
269F becomes final, the competent authority may, by notice in writing, order any
person who may be in possession of the immovable property to surrender or
deliver possession thereof to the competent authority or any other person duly authorised in writing by the competent authority in this
behalf, within thirty days of the date of the service of the notice.
Explanation.—For the purposes of this sub-section, an
order for the acquisition of any immovable property (hereafter in this Explanation referred
to as the order for acquisition) made under sub-section (6) of section 269F
becomes final,—
(a) in
a case where the order for acquisition is not made the subject of an appeal to
the Appellate Tribunal under section 269G, upon the expiry of the period during
which such appeal may be presented under that section ;
(b) in a case where the order for acquisition is made the
subject of an appeal to the Appellate Tribunal under section 269G,—
(i) if the order for acquisition is confirmed by
the Appellate Tribunal and the order of the Appellate Tribunal is not made the
subject of an appeal to the High Court under section 269H, upon the expiry of
the period during which such appeal may be presented under that section to the
High Court ;
(ii) if the order of the Appellate Tribunal is made the subject
of an appeal to the High Court under
section 269H, upon the confirmation of the order for acquisition by the High
Court.
(2) If any
person refuses or fails to comply with the notice under sub-section (1), the
competent authority or other person duly authorised
by the competent authority under that sub-section may take possession of the
immovable property and may, for that purpose, use such force as may be
necessary.
(3)
Notwithstanding anything contained in sub-section (2), the competent authority
may, for the purpose of taking possession of any property referred to in
sub-section (1), requisition the services of any police officer to assist him
and it shall be the duty of such officer to comply with such requisition.
(4) When the
possession of the immovable property is surrendered or delivered under
sub-section (1) to the competent authority or a person duly authorised
by him in that behalf or, as the case may be, when the possession thereof is
taken under sub-section (2) or sub-section (3) by such authority or person, the
property shall vest absolutely in the Central Government free from all encumbrances :
Provided that nothing in this sub-section shall
operate to discharge the transferee or any other person (not being the Central
Government) from liability in respect of such encumbrances and, notwithstanding
anything contained in any other law, such liability may be enforced against the
transferee or such other person by a suit for damages.
[(5) Notwithstanding anything contained in
sub-section (4) or any other law or any instrument or any agreement for the
time being in force, where an order for acquisition of any immovable property,
being rights of the nature referred to in clause (b) of sub-section (1)
of section 269AB, in or with respect to any building or part of a building
which has been constructed or which is to be constructed, has become final,
then, such order shall, by its own force, have the effect of—
(a) vesting such rights in the Central Government, and
(b) placing
the Central Government in the same position in relation to such rights as the
person in whom such rights would have continued to vest if such order had not
become final,
and the
competent authority may issue such directions as he may deem fit to any person
concerned for taking the necessary steps for compliance with the provisions of
clauses (a) and (b).
(6) In the
case of any immovable property, being rights of the nature referred to in
clause (b) of sub-section (1) of section 269AB, in or with respect to
any building or part of a building, the provisions of sub-sections (1), (2) and
(3) shall have effect as if the references to immovable property therein were a
reference to such building or, as the case may be, part of such building.]
269J. (1) Where any immovable property is acquired
under this Chapter, the Central Government shall pay for such acquisition
compensation which shall be a sum equal to the aggregate of the amount of the
apparent consideration for its transfer and fifteen per cent of the said amount :
[Provided that in a case where, under
the agreement between the parties concerned, the whole or any part of the
consideration for the transfer of such immovable property is payable on any
date or dates falling after the date on which such property is acquired, the
compensation payable by the Central Government shall be the aggregate of the
following amounts, namely :—
(i) an amount equal to
fifteen per cent of the apparent consideration ;
(ii) the amount, if any, that has become payable in accordance
with such agreement on or before the date on which such property is acquired
under this Chapter ; and
(iii) the amount payable after the date on which such property is
acquired under this Chapter.]
(2)
Notwithstanding anything contained in sub-section (1),—
(a) where,
after the transfer to the transferee of the property referred to in that
sub-section but before the vesting of the property in the Central Government,
the property has been damaged (otherwise than as a result of normal wear and
tear), the compensation payable under that sub-section shall be reduced by such
amount as the competent authority and the persons entitled to the compensation
may agree within fifteen days of the vesting of the property in the Central
Government or in default of such agreement as the court may, on a reference
made to it in this behalf by the competent authority or by any person duly authorised for the purpose by the competent autho-rity, determine to be the amount that may have to be
expended for restoring the property to the condition in which it was at the
time of such transfer ;
(b) where,
after the transfer of such property to the transferee but before the date of
publication in the Official Gazette of the notice in respect of such property
under sub-section (1) of section 269D, any improvements have been made to the
property, whether by way of addition or alteration or in any other manner, the
compensation payable in respect of such property under sub-section (1) shall be
increased by such amount as the competent authority and the persons entitled to
the compensation may agree within fifteen days of the vesting of the property
in the Central Government or in default of such agreement as the court may, on
a reference made to it in this behalf by the competent authority or by any person
duly authorised for the purpose by the competent
authority, determine to be the amount spent for making such improvements.
(3) Every
reference under clause (a) or clause (b) of sub-section (2) shall
be made within thirty days of the date on which the immovable property to which
it relates becomes vested in the Central Government or within such further
period as the court may, on an application made in this behalf before the
expiry of the said period and on being satisfied that there is sufficient cause
for doing so, allow and such reference shall state clearly the compensation
payable under sub-section (1) in respect of the immovable property and the
amount by which, according to the estimate of the competent authority, such
compensation shall be reduced under clause (a) or, as the case may be,
increased under clause (b), of sub-section (2).
(4) The
amount by which the compensation payable under sub-section (1) in respect of
any immovable property acquired under this Chapter falls short of the amount
which would have been payable as compensation if that property had been
acquired under the Land Acquisition Act, 1894 (1 of 1894), after the issue of a
preliminary notice under section 4 of that Act on the date of publication in
the Official Gazette of the notice in respect of the property under sub-section
(1) of section 269D, shall be deemed to have been realised
by the Central Government as a penalty from the transferee for being a party to
a transfer with such object as is referred to in clause (a) or clause (b)
of sub-section (1) of section 269C, and no penalty shall be levied for any
assessment year on the transferee—
(a) under
clause (iii) of sub-section (1) of section 271, for concealing the
particulars or furnishing inaccurate particulars of so much of his income as is
utilised by him for paying to the transferor, by way
of consideration for the property, any amount in excess of the apparent
consideration for the property, notwithstanding that such amount is included in
the income of the transferee ;
(b) under
clause (iii) of sub-section (1) of section 18 of the Wealth-tax Act,
1957 (27 of 1957), for concealing the particulars or furnishing inaccurate
particulars of so much of his assets as are utilised by
him for paying to the transferor, by way of consideration for the property, any
amount in excess of the apparent consideration for the property,
notwithstanding that such assets are included in the net wealth of the
transferee.
Payment or deposit of compensation.
269K. (1) The amount of compensation payable in
accordance with the provisions of section 269J for the acquisition of any
immovable property shall be tendered to the person or persons entitled thereto,
as soon as may be, after the property becomes vested in the Central Government
under sub-section (4) of section 269-I :
[Provided that in a case falling under
the proviso to sub-section (1) of section 269J, the amounts referred to in
clause (i) and clause (ii) of that
proviso shall be tendered to the person or persons entitled thereto, as soon as
may be, after the property becomes vested in the Central Government under
section 269-I, and the amount referred to in clause (iii) of the said
proviso shall be tendered on the date on which it would be payable in
accordance with the agreement between the parties concerned, and where such
amount is payable in instalments on different dates,
then in such instalments on those dates :]
Provided [further] that in any case where a
reference is or has to be made under sub-section (2) of section 269J to the
court for the determination of the amount by which the compensation payable
under sub-section (1) of that section shall be reduced or increased, the amount
of such compensation as reduced or increased by the amount estimated in that
behalf by the competent authority for the purposes of such reference shall be
tendered as aforesaid.
(2)
Notwithstanding anything contained in sub-section (1), if any dispute arises as
to the apportionment of the compensation amongst persons claiming to be
entitled thereto, the Central Government shall deposit in the court the
compensation required to be tendered under sub-section (1) and refer such
dispute for the decision of the court and the decision of the court thereon
shall be final.
(3)
Notwithstanding anything contained in sub-section (1), if the persons entitled
to compensation do not consent to receive it, or if there is no person
competent to alienate the immovable property, or if there is any dispute as to
the title to receive the compensation, the Central Government shall deposit in
the court the compensation required to be tendered under sub-section (1) and
refer the matter for the decision of the court :
Provided that nothing herein contained shall affect
the liability of any person who may receive the whole or any part of the
compensation for any immovable property acquired under this Chapter to pay the
same to the person lawfully entitled thereto.
(4) If the
Central Government fails to tender under sub-section (1) or deposit under
sub-section (2) or sub-section (3) the whole or any part of the compensation
required to be tendered or deposited thereunder
within thirty days of the date on which the immovable property to which the
compensation relates becomes vested in the Central Government under sub-section
(4) of section 269-I, the Central Government shall be liable to pay simple
interest at the rate of [fifteen] per cent per annum reckoned from the day
immediately following the date of expiry of the said period up to the date on
which it so tenders or deposits such compensation or, as the case may be, such
part of the compensation.
(5) Where
any amount of compensation (including interest, if any, thereon) has been
deposited in the court under this section, the court may, either of its own
motion or on an application made by or on behalf of any party interested or
claiming to be interested in such amount, order the same to be invested in such
Government or other securities as it may think proper, and may direct the
interest or other proceeds of any such investment to be accumulated and paid in
such manner as will, in its opinion, give the parties interested therein the
same benefit therefrom as they might have had from
the immovable property in respect whereof such amount has been deposited or as
near thereto as may be.
Assistance by Valuation Officers.
269L. (1) The competent authority may,—
(a) for
the purpose of initiating proceedings for the acquisition of any immovable
property under section 269C or for the purpose of making an order under section
269F in respect of any immovable property, require a Valuation Officer to
determine the fair market value of such property and report the same to
him ;
(b) for
the purpose of estimating the amount by which the compensation payable under
sub-section (1) of section 269J in respect of any immovable property may be
reduced or, as the case may be, increased under clause (a) or clause (b)
of sub-section (2) of that section, require the Valuation Officer to make such
estimate and report the same to him.
(2) The
Valuation Officer to whom a reference is made under clause (a) or clause
(b) of sub-section (1) shall, for the purpose of dealing with such
reference, have all the powers that he has under section 38A of the Wealth-tax
Act, 1957 (27 of 1957).
(3) If in an
appeal under section 269G against the order for acquisition of any immovable
property, the fair market value of such property is in dispute, the Appellate
Tribunal shall, on a request being made in this behalf by the competent authority,
give an opportunity of being heard to any Valuation Officer nominated for the
purpose by the competent authority.
Explanation.—In this section,
“Valuation Officer” has the same meaning as in clause (r) of section 2 of
the Wealth-tax Act, 1957 (27 of 1957).
Powers of competent authority.
269M. The competent
authority shall have, for the purposes of this Chapter, all the powers that a
Commissioner has, for the purposes of this Act, under section 131.
269N. With a view to rectifying any mistake
apparent from the record, the competent authority may amend any order made by
him under this Chapter at any time before the time for presenting an appeal
against such order has expired, either on his own motion or on the mistake
being brought to his notice by any person affected by the order
:
Provided that if any such amendment is likely to
affect any person prejudicially, it shall not be made without giving to such
person a reasonable opportunity of being heard.
Appearance by authorised
representative or registered valuer.
269-O. Any
person who is entitled or required to attend before a competent authority or
the Appellate Tribunal in any proceeding under this Chapter, otherwise than
when required to attend personally for examination on oath or affirmation, may
attend—
(a) by an authorised representative in
connection with any matter ;
(b) by
a registered valuer in connection with any matter
relating to the valuation of any immovable property for the purposes of this
Chapter or the estimation of the amount by which the compensation payable under
sub-section (1) of section 269J for the acquisition of any immovable property
may be reduced or, as the case may be, increased in accordance with the provisions
of clause (a) or clause (b) of sub-section (2) of that section.
Explanation.—In this section,—
(i) “authorised
representative” has the same meaning as in section 288 ;
(ii) “registered valuer” has the same
meaning as in clause (oaa) of section 2 of the
Wealth-tax Act, 1957 (27 of 1957).
Statement to be
furnished in respect of transfers of immovable property.
269P. (1) Notwithstanding anything contained in any
other law for the time being in force, no registering officer appointed under
the Registration Act, 1908 (16 of 1908), shall register any document which
purports to transfer any immovable property belonging to any person unless a
statement in duplicate in respect of such transfer, in the prescribed form and
verified in the prescribed manner and setting forth such particulars as may be
prescribed, is furnished to him along with the instrument of transfer :
[Provided
that the provisions of this sub-section shall not apply in relation to any
document which purports to transfer any immovable property for an apparent
consideration not exceeding [fifty] thousand rupees.
Explanation.—For the purposes of this proviso, “apparent
consideration” shall have the meaning assigned to it in clause (a) of
section 269A subject to the modifications that for the expressions “immovable
property transferred” and “instrument of transfer” occurring in that clause,
the expressions “immovable property purported to be transferred” and “document
purporting to transfer such immovable property” shall, respectively, be
substituted.]
(2) The
registering officer shall, at the end of every fortnight, forward to the
competent authority,—
(a) one set of the statements received by him under sub-section
(1) during the fortnight ; and
(b) a
return in the prescribed form and verified in the prescribed manner and setting
forth such particulars as may be prescribed in respect of documents of the
nature referred to in sub-section (1) which have been registered by him during
the fortnight.
Chapter not to apply to
transfers to relatives.
269Q. The provisions of this Chapter shall not
apply to or in relation to any transfer of immovable property made by a person
to his relative on account of natural love and affection for a consideration
which is less than its fair market value if a recital to that effect is made in
the instrument of transfer.
Properties liable for acquisition under this
Chapter not to be acquired under other laws.
269R. Notwithstanding anything contained in the Land
Acquisition Act, 1894 (1 of 1894), or
any corresponding law for the time being in force, no immovable property
referred to in section 269C shall be acquired for any purpose of the Union
under that Act or such law unless the time for initiation of proceedings for
the acquisition of such property under this Chapter has expired without such
proceedings having been initiated or unless the competent authority has
declared that such property will not be acquired under this Chapter.
[Chapter not to apply where
transfer of immovable property made after a certain date.
269RR. The provisions of this Chapter shall not
apply to or in relation to the transfer of any immovable property made after
the 30th day of September, 1986.]
Chapter not to extend to State of Jammu and
Kashmir.
269S. The provisions of this Chapter shall not
extend to the State of Jammu and Kashmir.]