From,

…………………………………..

…………………………………..

Dated ………………………..

To,

The Appropriate Authority,

………………………………………..

Dear Sir/Madam,

Name of Transferor …………………….

Name of Transferee …………………….

Re : Transferor of property situated at …………..

Subject : Reply of Your Notice u/s 269UD(1A) for Objections to proposed purchase of the said property

PAN No ……………

My client ……………….. is in receipt of your Notice dated …………….. u/s 269UD(1A) of the Income-tax Act for Assessment Year …………………… i.e. the transferor in the case of the above property.

I have been instructed to make the following submission for your kind consideration before making any order u/s 269UD(1).

My client had submitted the statement in Form 37-I on …………… and no defect has been intimated to him. As already the specified time period of ….. months has expired from the end of the month in which Form 37-I was filed, no order can be made u/s 269UD(1) for purchase of the said property by the Central Government.

Without prejudice to the above, I would like to submit that you have not mentioned any basis on which, you have worked out the valuation of the said property. Neither any sale instances have been provided. Thus without knowing the ground or reasons it is not possible for my client to meet the case.

The basic purpose of Chapter XX-C is to curb the cases in which the property is significantly undervalued. No such case has been made out in the case of my client as you have not disclosed how the prima facie conclusion has been arrived that the impugned property is significantly undervalued. My client relies on the decision of Bombay High Court in the case of Nirmal Laxminarayan Grover Vs. Appropriate Authority [1996] 85 Taxman 488 (Bom) .

My client has not been provided a copy of valuation made by The Departmental Engineer in absence of which my client is unable to understand the basis of valuation and also to verify whether the fact of tenancy and other encumbrances has been taken into consideration.

you are requested to consider the above objection of my client before making any order u/s 269UD(1). Rather, on the facts and circumstances of the case, I would urge that a no objection certificate should be issued as time limit for purchase has expired and in the instant case there is no significant under valuation.

Thanking you

Yours faithfully

………………………..

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