JUDGEMENT :

DHIRAJ SINGH THAKUR, J.

1. With the consent of learned Counsel for both the parties, the petition is taken up for final disposal at the admission stage.

2. The Petitioner has challenged inter alia the order dated 27th June, 2007 passed by Respondent No. 2 in purported exercise of power under Section 281 of the Income Tax Act, 1961 (The Act, 1961).

3. Briefly stated the material facts are as under: The Petitioner claims that he purchased a property being land and farm house situated at village Bawdhan in District- Pune, vide deed of conveyance dated 05th August, 1997. According to the deed of conveyance, Vendor No. 1 transferred the land in favour of the Petitioner whereas Vendor No. 2 namely Mr. K. K. Mistri transferred the farm house in the name of the Petitioner for an agreed consideration.

4. It is submitted that after about 10 years of purchase of the said land by the Petitioner, Respondent No. 2 passed the impugned order dated 27th June, 2007, purportedly in exercise of powers under Section 281 of the Act, 1961, on the ground that the assessee i.e. K. K. Mistri had created a charge on the said property and parted with the possession by way of sale deed in favour of the