T.H.B.Chalapathi, J.

1. The petitioner, an income-tax assessee, became a member of the Cozihom Co-operative Housing Society Limited, Pali Hill, Bombay, and purchased certain shares in his name. In lieu of the same, he was given possession of a Flat No. 82-B. As per the bye-laws of the society on transfer of the shares held by the member, the possession and ownership of the flat also stand transferred to the transferee. In September, 1988, the petitioner transferred the shares in the name of his wife and, consequently, the flat also stands transferred in her name. At the time of transfer of the shares by the petitioner in the name of his wife certain assessment proceedings were pending for various years, i.e., from 1978-79 to 1987-88. Therefore, the Deputy Commissioner of Income-tax, Special Range, Jalandhar, passed an order dated December 4, 1991, under Section 281 of the Income-tax Act, 1961, holding the sale of the property, flat No. 82-B, Cozihom Co-op. Housing Society Limited, Pali Hill, Bombay, void in view of Section 281 of the Income-tax Act and the same would continue to be the property of the assessee.

2. Challenging the said order of the Deputy Commissioner of Inc