( 1 ) THE challenge in this writ petition Is to the order dated 15th March 1990 whereby the Appropriate Authority under the Income Tax Act bad not granted penaission to the petition which he be has sought by an application in form 37-1 of the Act.

( 2 ) REAPONDENTNO. 4istbe owner of the property bearing No. D/41. Okhla Industrial Area, Phase-1, New Delhi. It bad entered into an agreement to sell the said property in favour of the petitioner. Anapplication was filed on 31st January 1990 in form 37-1 in accordaice with the provisions of Section 269 UG. The Appropriate Authority by the impugned order did not grant the no Objection Certificate" nor did it exercise the right of pre-emptive purchase. It came to the canculsion that the agreement which has been entered into by the owner with the proposed transferee had resulted in the creation of certain rights in favour of the transferee in accordance with the provision of Section S3-A of the Transfer of Property Act. According to the Appropriate Authority possession of the property bad been handed over to the transferee and there had been a part performance of the contract and the letter and intent of the provisions of Chap