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adProperty News

Will loss of the original deed diminish value
Source : The Hindu Property Plus Published On : 2007-12-29 City : Chennai

The I.T. Department acquired a property at Gandhi Nagar, Adayar when the agreement for this sale relating to property was submitted for getting the No Objection certificate. This was done on the ground that the apparent consideration was less than the market value . The department assessed that the difference between the market value and registered value was more than 15 percent.                                                                     


The parties involved submitted that one of the reasons for the reduction in price was that the original title deed property was lost and the buyer was willing to take the risk and make alternative arrangements for it. The additional cost so incurred was adjusted in pricing of the property. However the department overruled this this and acquired the property. The parties appealed (289 ITR 61(Mad) Ashok Leyland Finance Ltd vs Appropriate Authority, IT Department Judgement dated 12.12.06 ) and a single judge dismissed it. The parties subsequently appealed against the order of the single judge. The division bench set aside the order of the single judge and also quashed the pre-emptive purchase by the IT department.


The High Court observed that the loss of title deeds of the property is one of the relevant factors and it would undoubtedly diminish the value of the property.



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