R.V.Raveendran, J.

1. The third respondent is the owner of property bearing No. S-7, 5th Main Road, 4th Block, Jayanagar, Bangalore (hereinafter referred to as "the said property"). She entered into an agreement of sale on 19th Feb., 1988, with the petitioner agreeing to sell the said property for a consideration of Rs. 33 lakhs and received an advance of Rs. 2 lakhs. The balance of sale consideration was to be paid within six months. THE petitioner as the intending transferee and the third respondent as intending transferor filed a statement under s. 269UC of the IT Act, 1961 (for short, "the Act"), in Form No. 37-I in regard to the intended transfer. The Appropriate Authority, IT Department, passed an order on 30th May, 1988 (hereinafter referred to as "the impugned order"), under s. 269UD(1) of the Act ordering pre-emptive purchase of the said property.

2. The petitioner challenged the impugned order and the constitutional validity of Chapter XX-C of the Act by filing this petition on 15th June, 1988. This Court on 20th June, 1988, issued rule nisi and an interim order staying the delivery of possession of the said property in pursuance of the impugned order and further p