SANKALP RECREATION PRIVATE LIMITED vs UNION OF INDIA

The Supreme Court addressed the issue of property acquisition and sale under Section 269UD(1) of the Income Tax Act, highlighting the prolonged inability to sell a property acquired in 1994. The Court emphasized that the Central Board of Direct Taxes (CBDT) acted beyond its jurisdiction by not accepting a private treaty offer for the property. The judgment clarified the procedural requirements for auctioning government property and upheld the need for transparency and fairness in the auction process, ultimately ruling in favor of the appellant's right to participate in future auctions.