D.P.Wadhwa, J.

1. By this petition under Articles 226 and 227 of the Constitution, the petitioner, the owner of certain property, seeks to challenge the order dated February 22, 1995, of the appropriate authority passed under Sec. 269UD(1) of the Income-tax Act, 1961 (for short, "the Act"), under which the property of the petitioner was ordered to be acquired by the Central Government and subsequently possession was taken over.

2. Before we examine the provisions of law and consider the arguments we may briefly note the salient terms of the agreement which led to the passing of the order under Sec. 269UD of the Act.

3. This agreement is dated January 28, 1994, and is described as a development agreement, The petitioner is the party of the first part and Mahendra Developers Pvt. Ltd., respondent No. 3, of the second part. The petitioner is referred to as the land owner and the second party as the developer. The property which is the subject-matter of acquisition has been described as including "a pucca residential house of the owner with sheds and structures and land appertaining thereto" measuring more or less four kathas and fifteen dhoors of land with buildings and struct