NDLI: Sankalp Recreation Private Limited Vs. Union of India & Ors.

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	highest possible price refrained from participating Auction property acquired under Income Tax Act
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Case(s) Referred	Referred Case 0 Referred Case 1
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Dismissed
Headnote	Auction – A property was acquired by Union of India u/s.269 UD(1) of the Income Tax Act – Despite several attempts to sell property, several auctions conducted qua the said property failed – Appellant made offer to the Central Board of Direct Taxes to purchase the said property for a sum of Rs.32.11 crores – However, the offer was not accepted – A fresh valuation report of the property was submitted on 04.09.2017 and a reserve price for property was fixed at Rs.30 crores – Appellant made a bid of Rs.30.21 crores – On 26.09.2017 respondent no.3 sent a report to respondent no.2, in which it was stated that the offer made by the appellant was less than the sum of Rs.32.11 crores, which was offered by it earlier – Therefore, a fresh auction to be conducted – Pursuant thereto, auction proceedings with a reserve price of Rs.30 crores were kept in abeyance – Again a valuer was appointed, who valued by the property at Rs.31.07 crores on 23.01.2018 – Earlier auction process which yielded the sum of Rs.30.21 crores was cancelled – Fresh auction was conducted – Aggrieved by the cancellation of the auction process, appellant filed writ petition – In the fresh auction, appellant did not participate and respondent no.4 was the sole bidder, with the bid of Rs.31.10 crores – On the other hand, High Court dismissed the writ petition filed by the appellant – On appeal before the Supreme Court, respondent no.4 made an offer to pay a sum of Rs.35 crores for the said property – Appellant contended that cancellation of auction process was invalid in law – Held: The reasons stated in the report dated 26.09.2017 cannot be said to be arbitrary – Also, a letter dated 06.04.2018 from the Government of India, Ministry of Finance to Chief Commissioner of Income tax, which stated that the other properties of a similar nature in the same area was sold for a considerably higher amount was not arbitrary – Thus, there was no arbitrariness in the entire auction process – It was in the public interest to see that the highest possible price is fetched – Further, there is no reason to doubt the valuation reports – Besides, appellant was given several opportunities to bid in the fresh auction conducted, however, he refrained from participating – This being the case, offer made by the respondent no.4 of Rs.35 crores for the said property accepted – Respondent no.4 to pay the said amount directly to the Union treasury.
Judge	Hon'ble Mr. Justice R.F. Nariman
Neutral Citation	2019 INSC 1060
Petitioner	Sankalp Recreation Private Limited
Respondent	Union Of India & Ors.
SCR	[2019] 12 S.C.R. 661
Judgement Date	2019-09-19
Case Number	7438

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