Sameresh Banerjea, J. - (1.) In both the writ petitions, which have been heard analogously, the petitioner-bank has challenged an order passed by the Appropriate Authority of Income-tax, Calcutta, under Section 269UD(1) of the Income-tax Act, 1961.
(2.) As it appears from the pleadings, the petitioner bank for the purpose of providing residential accommodation to its officers entered into two agreements with respondent No. 7, Delight Housing Corporation, for purchasing 16 flats which were under construction at premises No. 250, Netaji Subhas Chandra Bose Road, Tollygunj, Calcutta 47. One agreement was for purchasing eight flats on the first and second floor on the super built up area basis for a total consideration of Rs. 39,10,130, and for car parking space which was entered between the parties on April 21, 1994. 25 per cent, of the consideration, namely, Rs. 9,96,282.50, was paid at the time of execution of the first agreement and further sum of Rs. 25,00,000 was paid leaving a balance of Rs. 4,86,847.50 and the possession of the said eight flats was also given to the bank.
(3.) The said agreement is the subject-matter of the first Writ Petition No. C.O. 8664(W) of 1994. The agreement for purchasing the remaining eight flats on the third and fourth floor and car parking of the said building was entered into with respondent No. 7 on May 27, 1994, which provided for a total consideration of Rs. 39,10,130 out of which the petitioner paid a sum of Rs. 9,77,532.50 being 25 per cent, of the total consideration on the date of execution and the balance sum of Rs. 27,37,091 was payable in two instalments at the time of taking possession and Rs. 1,95,506.50 was payable at the time of conveyance. Possession of the said flats, however, was not given to the petitioner. The said agreement is the subject-matter of the second writ petition being C. 0. No. 12142{W) of 1994.;