ORDER

1. Leave granted.

2. In respect of the property known as "Modi Bungalow", Napean Sea Road, Bombay, an agreement dated 24-10-1993 was entered into by Respondents 5 and 6, with the appellants for its sale for a consideration of Rs 19.25 crores payable in instalments. On 30-12-1993, the appropriate authority issued a notice under Section 269-UD(1-A) of the Income Tax Act, 1961 calling upon the transferors and transferees to show cause as to why the Central Government should not make an order for purchase of the property. On 27-1-1994, an order was made by the appropriate authority under Section 269-UD(1) of the Act for purchase of the property at a discounted value of Rs 18,68,54,154. By virtue of Section 269-UD(1), on making of the said order by the appropriate authority, the property vested in the Central Government on the date of the order.

3. In terms of the purchase order made under Section 269-UD(1), the Central Government was required to pay the amount of Rs 18,68,54,154 as the consideration for the said property in accordance with the provisions of the statute. It may be mentioned that the sum of Rs 18,18,54,154 alone was tendered by a cheque dated 25-2-1993 sent by spee