Section 269UF of Income Tax Act "Consideration for purchase of immovable property by Central Government Payment or deposit of consideration"
269UF. (1) Where an order for the purchase of any
immovable property by the Central Government is made under
sub-section (1) of section 269UD, the Central Government
shall pay, by way of consideration for such purchase, an
amount equal to the amount of the apparent consideration.
(2) Notwithstanding anything contained in sub-section (1),
where, after the agreement for the transfer of the immovable
property referred to in that sub-section has been made but
before the property vests in the Central Government under
section 269UE, the property has been damaged (otherwise than
as a result of normal wear and tear), the amount of the
consideration payable under that sub-section shall be
reduced by such sum as the appropriate authority, for
reasons to be recorded in writing, may by order determine.
269UG. (1) The amount of consideration payable in
accordance with the provisions of section 269UF shall be
tendered to the person or persons entitled thereto, within a
period of one month from the end of the month in which the
immovable property concerned becomes vested in the Central
Government under sub-section (1), or, as the case may be,
sub-section (6), of section 269UE :
Provided that if any liability for any tax or any other sum
remaining payable under this Act, the Wealth-tax Act, 1957
(27 of 1957), the Gift-tax Act, 1958 (18 of 1958), the
Estate Duty Act, 1953 (34 of 1953), or the Companies
(Profits) Surtax Act, 1964 (7 of 1964), by any person
entitled to the consideration payable under section 269UF,
the appropriate authority may, in lieu of the payment of the
amount of consideration, set off the amount of consideration
or any part thereof against such liability or sum, after
giving an intimation in this behalf to the person entitled
to the consideration.
(2) Notwithstanding anything contained in sub-section (1),
if any dispute arises as to the apportionment of the amount
of consideration amongst persons claiming to be entitled
thereto, the Central Government shall deposit with the
appropriate authority the amount of consideration required
to be tendered under sub-section (1) within the period
specified therein.
(3) Notwithstanding anything contained in sub-section (1),
if the person entitled to the amount of consideration does
not consent to receive it, or if there is any dispute as to
the title to receive the amount of consideration, the
Central Government shall deposit with the appropriate
authority the amount of consideration required to be
tendered under sub-section (1) within the period specified
therein :
Provided that nothing herein contained shall affect the
liability of any person who may receive the whole or any
part of the amount of consideration for any immovable
property vested in the Central Government under this Chapter
to pay the same to the person lawfully entitled thereto.
(4) Where any amount of consideration has been deposited
with the appropriate authority under this section, the
appropriate authority may, either of its own motion or on an
application made by or on behalf of any person interested or
claiming to be interested in such amount, order the same to
be invested in such Government or other securities as it may
think proper, and may direct the interest or other proceeds
of any such investment to be accumulated and paid in such
manner as will, in its opinion, give the parties interested
therein the same benefits therefrom as they might have had
from the immovable property in respect whereof such amount
has been deposited or as near thereto as may be.