D. M. DHARMADHIKARI, CJ.

( 1 ) UNDER Chapter XX-C of the Income-Tax Act, 1961 (for short the Act), the Central Government, through the appropriate authority, has power to make preemptive purchase of any immovable property, where it finds that the apparent consideration of any proposed transfer of the said property is less than its real value and there is intention to evade payment of tax.

( 2 ) IN exercise of powers contained in Sec. 269ud (1) of the Act, the appropriate authority, as defined in Sec. 269ub, passed the impugned order dated 17. 5. 2000 of preemptive purchase of Plot No. 38 out of Survey No. 593, City Survey No. 3390, munjeri, Bibwewadi in the layout of Sind Hindu Co-operative Housing Society Ltd. , pune. The appropriate authority, by the impugned order, held that the property above described having a fair market value of Rs. 1. 2 crores was agreed to be sold by Mrs. Roma Motiram Chandiramani (petitioner No. 4) in favour of Smt. Jayshree Rajendra shroff and two other members of the family (petitioners Nos. 1, 2 and 3) for a paltry sum of rs. 61 lakhs. The appropriate authority, after granting opportunity of hearing to the transferor and the transferees, found no justi

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