Reportable

IN THE SUPREME COURT OF INDIA

CIVIL APPELLATE JURISDICTION

SPECIAL LEAVE PETITION (C) NO.13917 OF 2009

Suraj Lamp & Industries Pvt. Ltd. …..Petitioner

Vs.

State of Haryana & Anr. ….Respondents  

J U D G M E N T

R. V. Raveendran J.  

By  an  earlier  order  dated  15.5.2009  [reported  in  Suraj  Lamp  &  

Industries Pvt.Ltd. vs. State of Haryana & Anr. -  2009 (7) SCC 363],  we  

had  referred  to  the  ill  -  effects  of  what  is  known as  General  Power  of   

Attorney Sales (for short ‘GPA Sales’) or Sale Agreement/General Power of   

Attorney/Will  transfers (for  short  ‘SA/GPA/WILL’  transfers).  Both  the  

descriptions are misnomers as there cannot be a sale by execution of a power  

of attorney nor can there be a transfer by execution of an agreement of sale  

and a power of attorney and will. As noticed in the earlier order, these kinds  

of  transactions  were  evolved  to  avoid  prohibitions/conditions  regarding  

certain transfers, to avoid payment of stamp duty and registration charges on

deeds  of  conveyance,  to  avoid  payment  of  capital  gains  on transfers,  to  

invest  unaccounted  money  (‘black  money’)  and  to  avoid  payment  of  

‘unearned increases’ due to Development Authorities on transfer.  

2. The  modus operandi in such SA/GPA/WILL transactions is for the  

vendor  or  person  claiming  to  be  the  owner  to  receive  the  agreed  

consideration,  deliver  possession  of  the  property  to  the  purchaser  and  

execute the following documents or variations thereof:  

(a)  An  Agreement  of  sale  by  the  vendor  in  favour  of  the  purchaser confirming the terms of sale, delivery of possession  and payment of full consideration and undertaking to execute  any document as and when required in future.

Or An  agreement  of  sale  agreeing  to  sell  the  property,  with  a  separate affidavit confirming receipt of full price and delivery  of possession and undertaking to execute sale deed whenever  required.

(b) An Irrevocable General Power of Attorney by the vendor in  favour  of  the  purchaser  or  his  nominee  authorizing  him  to  manage,  deal  with  and  dispose  of  the  property  without  reference to the vendor.

Or A General Power of Attorney by the vendor in favour of the  purchaser or his nominee authorizing the attorney holder  to sell  or  transfer  the  property  and a  Special  Power  of  Attorney  to  manage the property.  

(c)  A  will  bequeathing  the  property  to  the  purchaser  (as  a  safeguard  against  the  consequences  of  death  of  the  vendor  before transfer is effected).

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These  transactions  are  not  to  be  confused  or  equated  with  genuine  

transactions where the owner of a property grants a power of Attorney in  

favour of a family member or friend to manage or sell his property, as he is  

not able to manage the property or execute the sale, personally. These are  

transactions, where a purchaser pays the full price, but instead of getting a  

deed of conveyance gets a  SA/GPA/WILL as a mode of transfer, either at  

the instance of the vendor or at his own instance.

Ill-Effects of SA/GPA/WILL transactions

3. The  earlier  order  dated  15.5.2009,  noted  the  ill-effects  of  such  

SA/GPA/WILL transactions (that is generation of black money, growth of  

land mafia and criminalization of civil disputes) as under:

“Recourse to `SA/GPA/WILL' transactions is taken in regard to freehold  properties, even when there is no bar or prohibition regarding transfer or  conveyance of such property, by the following categories of persons:

(a) Vendors with imperfect title who cannot or do not want to execute  registered deeds of conveyance.

(b)  Purchasers  who  want  to  invest  undisclosed  wealth/income  in  immovable  properties  without  any  public  record  of  the  transactions.  The  process  enables  them to  hold  any  number  of  properties without disclosing them as assets held.

(c)  Purchasers  who  want  to  avoid  the  payment  of  stamp  duty  and  registration charges either deliberately or on wrong advice. Persons  

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who deal in real estate resort to these methods to avoid multiple  stamp duties/registration fees so as to increase their profit margin.

Whatever  be  the  intention,  the  consequences  are  disturbing  and  far  reaching,  adversely  affecting  the  economy,  civil  society  and  law  and  order.  Firstly,  it  enables large scale  evasion of income tax,  wealth tax,  stamp  duty  and  registration  fees  thereby  denying  the  benefit  of  such  revenue to  the  government  and the  public.  Secondly,  such transactions  enable  persons  with  undisclosed  wealth/income  to  invest  their  black  money  and also  earn  profit/income,  thereby encouraging  circulation  of  black money and corruption.

This  kind  of  transactions  has  disastrous  collateral  effects  also.  For  example, when the market value increases, many vendors (who effected  power  of  attorney  sales  without  registration)  are  tempted  to  resell  the  property taking advantage of the fact that there is no registered instrument  or record in any public office thereby cheating the purchaser. When the  purchaser under such `power of attorney sales' comes to know about the  vendors action, he invariably tries to take the help of musclemen to `sort  out' the issue and protect his rights. On the other hand, real estate mafia  many a time purchase properties which are already subject to power of  attorney  sale  and  then  threaten  the  previous  `Power  of  Attorney  Sale'  purchasers from asserting their rights. Either way, such power of attorney  sales indirectly lead to growth of real estate mafia and criminalization of  real estate transactions.”

It also makes title verification and certification of title, which is an integral  

part  of  orderly  conduct  of  transactions  relating  to  immovable  property,  

difficult,  if  not  impossible,  giving  nightmares  to  bonafide  purchasers  

wanting to own a property with an assurance of good and marketable title.

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4. This Court had therefore requested the learned Solicitor General to  

give suggestions on behalf of Union of India. This Court also directed notice  

to States of Delhi, Haryana, Punjab, Uttar Pradesh to give their views on the  

matter. The four states have responded and confirmed that SA/GPA/WILL  

transfers required to be discouraged as they lead to loss of revenue (stamp  

duty) and increase in litigations due to defective title.  They also referred to  

some measures taken in that behalf. The measures differ from State to State.  

In  general,  the  measures  are:   (i)  to  amend  Registration  Act,  1908  by  

Amendment Act 48 of 2001 with effect from 24.9.2001 requiring documents  

containing contract  to  transfer  for  consideration (agreements  of  sale  etc.)  

relating to any immoveable property for the purpose of section 53A of the  

Act,  shall  be  registered;  and  (ii)  to  amend  the  stamp  laws  subjecting  

agreements of sale with delivery of possession and/or irrevocable powers of  

attorney  in  favour  of  non-family  members  authorizing  sale,  to  the  same  

stamp  duty  as  deed  of  conveyance.  These  measures,  no  doubt,  to  some  

extent  plugged the loss  of  revenue by way of  stamp duty on account  of  

parties having recourse to SA/GPA/WILL transactions, instead of executing  

deeds  of  conveyance.  But  the  other  ill-effects  continued.  Further  such  

transaction which was only prevalent  in Delhi  and the surrounding areas  

have  started  spreading  to  other  States  also.  Those  with  ulterior  motives  

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either  to  indulge  in  black  money  transactions  or  land  mafia  continue  to  

favour  such  transactions.  There  are  also  efforts  to  thwart  the  amended  

provisions by not referring to delivery of possession in the agreement of sale  

and giving a separate possession receipt or an affidavit confirming delivery  

of  possession  and thereby avoiding the  registration and stamp duty.  The  

amendments to stamp and registration laws do not address the larger issue of  

generation of black money and operation of land mafia. The four States and  

the Union of India are however unanimous that SA/GPA/WILL transactions  

should be curbed and expressed their willingness to take remedial steps.

5.  The State of Haryana has however taken a further positive step by  

reducing the stamp duty on deeds of conveyance from 12.5% to 5%. A high  

rate of stamp duty acts as a damper for execution of deeds of conveyance for  

full value, and encourages SA/GPA/WILL transfers. When parties resort to  

SA/GPA/WILL transfers,  the  adverse  effect  is  not  only  loss  of  revenue  

(stamp duty and registration charges) but the greater danger of generation of  

‘black’ money. Reducing the stamp duty on conveyance to realistic levels  

will encourage public to disclose the maximum sale value and have the sale  

deeds registered. Though the reduction of the stamp duty, may result in an  

immediate reduction in the revenue by way of stamp duty, in the long run it  

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will  be  advantageous  for  two  reasons:  (i)  parties  will  be  encouraged  to  

execute  registered  deeds  of  conveyance/sale  deeds  without  any  under  

valuation, instead of entering into SA/GPA/WILL transactions; and (ii) more  

and more sale transactions will be done by way of duly registered sale deeds,  

disclosing the entire sale consideration thereby reducing the generation of  

black money to a large extent. When high stamp duty is prevalent, there is a  

tendency  to  undervalue  documents,  even  where  sale  deeds  are  executed.  

When properties are undervalued, a large part of the sale price changes hand  

by  way  of  cash  thereby  generating  ‘black’  money.  Even  when  the  state  

governments  take  action to  prevent  undervaluation,  it  only  results  in  the  

recovery of deficit stamp duty and registration charges with reference to the  

market  value,  but  the  actual  sale  consideration  remains  unaltered.  If  a  

property worth `5 millions is sold for `2 millions, the Undervaluation Rules  

may enable the state government to initiate proceedings so as to ensure that  

the deficit stamp duty and registration charges are recovered in respect of the  

difference of `3 millions. But the sale price remains `2 millions and the black  

money of `3 millions generated by the undervalued sale transaction, remains  

undisturbed.   

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6. In  this  background,  we  will  examine  the  validity  and  legality  of  

SA/GPA/WILL  transactions.  We  have  heard  learned  Mr.  Gopal  

Subramanian,  Amicus  Curiae and noted the views of  the Government  of  

NCT  of  Delhi,  Government  of  Haryana,  Government  of  Punjab  and  

Government of Uttar Pradesh who have filed their submissions in the form  

of affidavits.

Relevant Legal Provisions

7. Section 5 of the Transfer of Property Act, 1882 (‘TP Act’ for short)  

defines ‘transfer of property’ as under:  

“5. Transfer of Property defined : In the following sections “transfer of  property”  means  an act  by which a  living person conveys  property,  in  present or in future, to one or more other living persons, or to himself [or  to  himself]  and  one  or  more  other  living  persons;  and  "to  transfer  property" is to perform such act.”   xxx  xxx

Section 54 of the TP Act defines ‘sales’ thus:

"Sale" is a transfer of ownership in exchange for a price paid or promised  or part-paid and part-promised.

Sale  how  made.  Such  transfer,  in  the  case  of  tangible  immoveable  property of the value of one hundred rupees and upwards, or in the case of  a reversion or other intangible thing, can be made only by a registered  instrument.

In  the  case  of  tangible  immoveable  property  of  a  value  less  than  one  hundred  rupees,  such  transfer  may  be  made  either  by  a  registered  instrument or by delivery of the property.

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Delivery  of  tangible  immoveable  property  takes  place  when  the  seller  places  the  buyer,  or  such  person  as  he  directs,  in  possession  of  the  property.

Contract  for  sale.-A  contract  for  the  sale  of  immovable  property  is  a  contract  that  a  sale  of  such  property  shall  take  place  on  terms  settled  between the parties.

It does not, of itself, create any interest in or charge on such property.”   

Section 53A of the TP Act defines ‘part performance’ thus :  

“Part  Performance.  –  Where  any  person  contracts  to  transfer  for  consideration any immoveable property by writing signed by him or on his  behalf  from which the terms necessary to constitute the transfer can be  ascertained with reasonable certainty,  

and  the  transferee  has,  in  part  performance  of  the  contract,  taken  possession of the property or any part  thereof,  or  the transferee,  being  already in possession, continues in possession in part performance of the  contract and has done some act in furtherance of the contract,         and the transferee has performed or is willing to perform his part of the  contract,  

then, notwithstanding that where there is an instrument of transfer, that the  transfer has not been completed in the manner prescribed therefor by the  law for the time being in force, the transferor or any person claiming under  him shall be debarred from enforcing against the transferee and persons  claiming  under  him any right  in  respect  of  the  property  of  which  the  transferee  has  taken  or  continued  in  possession,  other  than  a  right  expressly provided by the terms of the contract :  

Provided that nothing in this section shall affect the rights of a transferee  for  consideration  who  has  no  notice  of  the  contract  or  of  the  part  performance thereof.”

8. We may next refer to the relevant provisions of the Indian Stamp Act,  

1999 (Note : Stamp Laws may vary from state to state, though generally the  

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provisions may be similar). Section 27 of the Indian Stamp Act, 1899 casts  

upon the party, liable to pay stamp duty, an obligation to set forth in the  

instrument all facts and circumstances which affect the chargeability of duty  

on that instrument.  Article 23 prescribes stamp duty on ‘Conveyance’. In  

many States appropriate amendments have been made whereby agreements  

of  sale  acknowledging  delivery  of  possession  or  power  of  Attorney  

authorizes the attorney to ‘sell any immovable property are charged with the  

same duty as leviable on conveyance.  

9. Section  17  of  the  Registration  Act,  1908  which  makes  a  deed  of  

conveyance compulsorily registrable. We extract below the relevant portions  

of section 17.

“Section 17 - Documents of which registration is compulsory- (1) The  following documents  shall be registered, namely:--

xxxxx

(b) other non-testamentary instruments which purport or operate to create,  declare,  assign, limit or extinguish, whether in present or in future, any  right, title or interest, whether vested or contingent, of the value of one  hundred rupees and upwards, to or in immovable property.

xxxxx

(1A) The documents containing contracts to transfer for consideration, any  immovable  property for the purpose of  section  53A of the Transfer  of  Property  Act,  1882  (4  of  1882)  shall  be  registered  if  they  have  been  executed  on or  after  the  commencement  of  the  Registration  and Other  Related  laws  (Amendment)  Act,  2001  and  if  such  documents  are  not  registered on or after such commencement, then, they shall have no effect  for the purposes of the said section 53A.

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Advantages of Registration  

10. In  the  earlier  order  dated  15.5.2009,  the  objects  and  benefits  of  

registration were explained and we extract them for ready reference :  

“The Registration Act, 1908, was enacted with the intention of providing  orderliness, discipline and public notice in regard to transactions relating  to  immovable  property  and  protection  from  fraud  and  forgery  of  documents  of  transfer.  This  is  achieved  by  requiring  compulsory  registration of certain types of documents and providing for consequences  of non-registration.  

Section 17 of  the  Registration  Act  clearly  provides  that  any  document  (other than testamentary instruments) which purports or operates to create,  declare,  assign, limit  or extinguish whether in present or in future "any  right, title or interest" whether vested or contingent of the value of Rs. 100  and upwards to or in immovable property.

Section 49 of  the  said  Act  provides  that  no  document  required  by  Section 17 to  be  registered  shall,  affect  any  immovable  property  comprised therein or received as evidence of any transaction affected such  property, unless it has been registered. Registration of a document gives  notice to the world that such a document has been executed.  

Registration  provides  safety  and  security  to  transactions  relating  to  immovable property,  even if the document is lost or destroyed. It gives  publicity and public exposure to documents thereby preventing forgeries  and  frauds  in  regard  to  transactions  and  execution  of  documents.  Registration provides information to people who may deal with a property,  as to the nature and extent of the rights which persons may have, affecting  that property.  In other words, it enables people to find out whether any  particular property with which they are concerned, has been subjected to  any legal obligation or liability and who is or are the person/s presently  having right, title, and interest in the property. It gives solemnity of form  and perpetuate documents which are of legal importance or relevance by  recording  them,  where  people  may  see  the  record  and  enquire  and  ascertain what the particulars  are and as far as land is  concerned what  obligations exist with regard to them. It ensures that every person dealing  with immovable property can rely with confidence upon the statements  contained in the registers (maintained under the said Act) as a full and  complete account of all transactions by which the title to the property may  be affected and secure extracts/copies duly certified.”

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Registration of documents makes the process of verification and certification  

of  title  easier  and  simpler.  It  reduces  disputes  and  litigations  to  a  large  

extent.   

Scope of an Agreement of sale

11. Section 54 of TP Act makes it clear that a contract of sale, that is, an  

agreement of sale does not, of itself, create any interest in or charge on such  

property.  This  Court  in  Narandas  Karsondas  v. S.A.  Kamtam  and  Anr.  

(1977) 3 SCC 247, observed:  

A contract of sale does not of itself create any interest in, or charge on, the  property.  This  is  expressly  declared  in  Section 54 of  the  Transfer  of  Property Act. See  Rambaran Prosad v. Ram Mohit Hazra [1967]1 SCR  293.  The  fiduciary  character  of  the  personal  obligation  created  by  a  contract  for  sale  is  recognised  in  Section 3 of  the  Specific  Relief  Act,  1963, and in Section 91 of the Trusts Act. The personal obligation created  by a contract of sale is described in Section 40 of the Transfer of Property  Act as an obligation arising out of contract and annexed to the ownership  of property, but not amounting to an interest or easement therein.”

In  India,  the  word  ‘transfer’  is  defined  with  reference  to  the  word  ‘convey’. The word ‘conveys’ in section 5 of Transfer of Property Act is  used  in  the  wider  sense  of  conveying  ownership…  …that  only  on  execution of conveyance ownership passes from one party to another….”

In Rambhau Namdeo Gajre v. Narayan Bapuji Dhotra [2004 (8) SCC 614]  

this Court held:

“Protection  provided  under  Section 53A of  the  Act  to  the  proposed  transferee is a shield only against the transferor. It disentitles the transferor  from disturbing the possession of the proposed transferee who is put in  possession in pursuance to such an agreement. It has nothing to do with  the ownership of the proposed transferor who remains full owner of the  

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property till it is legally conveyed by executing a registered sale deed in  favour  of  the transferee.  Such a right  to protect  possession against  the  proposed vendor cannot be pressed in service against a third party.”

It is thus clear that a transfer of immoveable property by way of sale can  

only be by a deed of conveyance (sale deed). In the absence of a deed of  

conveyance (duly stamped and registered as required by law), no right, title  

or interest in an immoveable property can be transferred.  

12. Any contract of sale (agreement to sell) which is not a registered deed  

of conveyance (deed of sale) would fall short of the requirements of sections  

54 and 55 of TP Act and will not confer any title nor transfer any interest in  

an immovable property (except to the limited right granted under section  

53A of TP Act). According to TP Act, an agreement of sale, whether with  

possession or without possession, is not a conveyance. Section 54 of TP Act  

enacts that sale of immoveable property can be made only by a registered  

instrument and an agreement of sale does not create any interest or charge on  

its subject matter.

Scope of Power of Attorney

13. A power of attorney is not an instrument of transfer in regard to any  

right, title or interest in an immovable property. The power of attorney is  

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creation of an agency whereby the grantor authorizes the grantee to do the  

acts specified therein, on behalf of grantor, which when executed will be  

binding on the grantor as if done by him (see section 1A and section 2 of the  

Powers of Attorney Act, 1882). It  is revocable or terminable at any time  

unless it is made irrevocable in a manner known to law. Even an irrevocable  

attorney does not have the effect of transferring title to the grantee. In State  

of Rajasthan vs. Basant Nehata – 2005 (12) SCC 77, this Court held :  

“A grant of power of attorney is essentially governed by Chapter X  of the  Contract  Act.  By  reason  of  a  deed  of  power  of  attorney,  an  agent  is  formally appointed to act for the principal in one transaction or a series of  transactions or to manage the affairs of the principal generally conferring  necessary authority upon another person. A deed of power of attorney is  executed by the principal in favour of the agent. The agent derives a right  to use his name and all acts, deeds and things done by him and subject to  the limitations contained in the said  deed, the same shall be read as if  done by the donor. A power of attorney is, as is well known, a document  of convenience.

Execution of a power of attorney in terms of the provisions of the Contract  Act as also the Powers-of-Attorney Act is valid. A power of attorney, we  have noticed hereinbefore, is executed by the donor so as to enable the  donee to act on his behalf.  Except in cases where power of attorney is  coupled with interest, it is revocable. The donee in exercise of his power  under such power of attorney only acts in place of the donor subject of  course to the powers granted to him by reason thereof. He cannot use the  power of attorney for his own benefit. He acts in a fiduciary capacity. Any  act of infidelity or breach of trust is a matter between the donor and the  donee.”  

An attorney holder may however execute a deed of conveyance in exercise  

of the power granted under the power of attorney and convey title on behalf  

of the grantor.

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Scope of Will

14. A will is the testament of the testator. It is a posthumous disposition of  

the estate of the testator directing distribution of his estate upon his death. It  

is not a transfer  inter vivos. The two essential characteristics of a will are  

that it is intended to come into effect only after the death of the testator and  

is revocable at any time during the life time of the testator. It is said that so  

long as the testator is alive, a will is not be worth the paper on which it is  

written, as the testator can at any time revoke it. If the testator, who is not  

married, marries after making the will, by operation of law, the will stands  

revoked.  (see  sections  69  and  70  of  Indian  Succession  Act,  1925).  

Registration of a will does not make it any more effective.

Conclusion

15. Therefore, a SA/GPA/WILL transaction does not convey any title nor  

create any interest in an immovable property. The observations by the Delhi  

High Court, in Asha M. Jain v. Canara Bank – 94 (2001) DLT 841, that the  

“concept  of  power  of  attorney sales  have been recognized as a  mode  of  

transaction” when dealing with  transactions by way of  SA/GPA/WILL are  

unwarranted and not justified, unintendedly misleading the general public  

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into thinking that SA/GPA/WILL transactions are some kind of a recognized  

or accepted mode of transfer and that it can be a valid substitute for a sale  

deed.  Such decisions to the extent they recognize or accept SA/GPA/WILL  

transactions  as  concluded  transfers,  as  contrasted  from  an  agreement  to  

transfer, are not good law.

16. We therefore  reiterate  that  immovable  property  can be  legally  and  

lawfully  transferred/conveyed  only  by  a  registered  deed  of  conveyance.  

Transactions of the nature of ‘GPA sales’ or ‘SA/GPA/WILL transfers’ do  

not convey title and do not amount to transfer, nor can they be recognized or  

valid mode of transfer  of  immoveable property.  The courts will  not  treat  

such transactions as completed or concluded transfers or as conveyances as  

they neither convey title nor create any interest in an immovable property.  

They cannot be recognized as deeds of title, except to the limited extent of  

section 53A of the TP Act. Such transactions cannot be relied upon or made  

the basis for mutations in Municipal or Revenue Records. What is stated  

above  will  apply  not  only  to  deeds  of  conveyance  in  regard  to  freehold  

property but also to transfer of leasehold property. A lease can be validly  

transferred only under a registered Assignment of Lease. It is time that an  

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end is put to the pernicious practice of SA/GPA/WILL transactions known  

as GPA sales.  

17. It  has  been  submitted  that  making  declaration  that  GPA sales  and  

SA/GPA/WILL transfers are not legally valid modes of transfer is likely to  

create hardship to a large number of persons who have entered into such  

transactions  and  they  should  be  given  sufficient  time  to  regularize  the  

transactions by obtaining deeds of conveyance. It is also submitted that this  

decision should be made applicable prospectively to avoid hardship.  

18. We  have  merely  drawn attention  to  and  reiterated  the  well-settled  

legal position that SA/GPA/WILL transactions are not ‘transfers’ or ‘sales’  

and  that  such  transactions  cannot  be  treated  as  completed  transfers  or  

conveyances. They can continue to be treated as existing agreement of sale.  

Nothing  prevents  affected  parties  from  getting  registered  Deeds  of  

Conveyance to complete their title. The said ‘SA/GPA/WILL transactions’  

may also be used to obtain specific performance or to defend possession  

under section 53A of TP Act. If they are entered before this day, they may  

be  relied  upon  to  apply  for  regularization  of  allotments/leases  by  

Development Authorities.  We make it clear that if the documents relating to  

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‘SA/GPA/WILL transactions’  has  been  accepted  acted  upon by  DDA or  

other developmental authorities or by the Municipal or revenue authorities to  

effect  mutation,  they  need  not  be  disturbed,  merely  on  account  of  this  

decision.  

19. We make it clear that our observations are not intended to in any way  

affect  the validity of sale agreements and powers of attorney executed in  

genuine transactions. For example, a person may give a power of attorney to  

his spouse, son, daughter, brother, sister or a relative to manage his affairs or  

to execute a deed of conveyance. A person may enter into a development  

agreement with a land developer or builder for developing the land either by  

forming  plots  or  by  constructing  apartment  buildings  and  in  that  behalf  

execute an agreement of sale and grant a Power of Attorney empowering the  

developer  to  execute  agreements  of  sale  or  conveyances  in  regard  to  

individual plots of land or undivided shares in the land relating to apartments  

in favour of prospective purchasers. In several States, the execution of such  

development  agreements and powers of attorney are already regulated by  

law  and  subjected  to  specific  stamp  duty.  Our  observations  regarding  

‘SA/GPA/WILL  transactions’  are  not  intended  to  apply  to  such  

bonafide/genuine transactions.   

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20. We place on record our appreciation for the assistance rendered by  

Mr. Gopal Subramaniun, Senior Counsel, initially as Solicitor General and  

later as Amicus Curiae.  

21. As the issue relating to validity of SA/GPA/WILL has been dealt with  

by this order, what remains is the consideration of the special leave petition  

on its merits. List the special leave petition for final disposal.  

……………………………J (R. V. Raveendran)

……………………………J (A. K. Patnaik)

 ……………………………J

(H. L. Gokhale) New Delhi;  October 11, 2011.  

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