JUDGMENT

J.S. Verma, J.-This appeal by special leave is against the judgment dated December 15, 1995 by which the appellant s writ petition challenging the compulsory purchase order dated April 26, 1995 made by the appropriate authority under Section 269 UD (1) of the Income Tax Act, 1961 (for short "The Act") has been dismissed. In short, the challenged is on the ground that the compulsory purchase order stood abrogated under Section 269 UH (1) of the Act in view of the failure of the Central Government to tender under Section 269 UG (1) the amount of consideration required to be tendered within the period specified therein in respect of the immovable property which had vested in the Central Government under Section 269UE(1) of the Act.

2. The material facts are these. An agreement for sale of the right, title and interest of Respondents 6 to 12 and one Dr. V.S.J. Rao (in all eight transferors) was made on 13.1.1995 in favour of the appellant Prima Realty in respect of a property at Chembur in Bombay for an aggregate sum of Rs. 3,60,00,000/- (Rupees three crores and sixty lakhs). Out of the total sale consideration, a sum of Rs. 3,30,00,000/- was to be paid in cash, i.e., by pay