Under Section 269 of Income Tax Act, 1961 , compulsory purchase – can be made by the Central Government on ground that there was undervaluation of property . Is there any law, under which compulsory purchase – can be made by the creditor/decree holder on the ground that there was undervaluation of property and transaction is made only to avoid the payment to the creditor/decree holder by paying small stamp duty on registered sale deed. The creditor/decree holder is ready even to pay say 50 % more value than written in sale deed. The transaction should be avoided on the ground of inadequate consideration and the transaction is only a sham transaction and immovable property should be got sold to the creditor/decree holder on much more sale value than written in sale deed between the judgement debtor and purchaser/transfree.
