A.P. Misra, J.

1. Heard learned counsel for the petitioner and also the learned standing counsel for the Revenue. On the facts and in the circumstances of the case and also in view of the rules of the court, the present writ petition is being disposed of finally at the stage of admission after the exchange of affidavits.

2. The petitioner seeks the quashing of order dated May 12, 1993, annexure-4 to the writ petition by virtue of which respondent No. 1 has rejected the explanation given by the petitioner and applied the formula of Rs. 5,500 per sq. metre for fixing the price of the property of the petitioner.

The short facts of the case are that the petitioner entered into an agreement of sale with one Sri Sarv Kanwal Jit Singh, respondent No. 3, for purchasing a residential plot No. 209, measuring an area of 450 sq. metres. The total consideration as agreed between the parties for the said property was Rs. 2,700,000 which comes to Rs. 4,600 per sq. metre. In pursuance of the said agreement, an application was moved before the Income-tax Officer in Forms Nos. 34 and 37-I for getting the required permission. Thereafter, the petitioner was given a show-cause notice by respond