Payment or deposit of consideration.
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 91 as to the title 91 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.
