9911796707
TMI Blog1988 (8) TMI 140X X X X Extracts X X X X X X X X Extracts X X X X ..... conveyed to the assessee. The WTO has not assessed the house as belonging to the assessee but has included in the net wealth of the assessee the amount paid towards purchase of house property atIndore. 3. The facts are that the assessee agreed to purchase a house and an agreement was entered into onthe 24th Jan., 1983between the vendors and the assessee. A sum of Rs. 2,50,000 was paid towards part payment of the price and the balance of Rs. 1 lakh was to be paid at the time of the execution and registration of the sale deed. The assessee's valuation date is31st March, 1983and the sale deed was to be executed by15th May, 1983or at the latest by31st May, 1988. The vendor handed over possession of the property to the assessee, who started re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on that so far as the assessee is concerned, he had not laid the entire consideration. A sum of Rs. 1 lakh remains to be paid to the vendors. Then, though the assessee was delivered possession of the house it was not with a view to immediate divesting of the ownership. Clause 8 of the agreement to sell states that the house was incomplete and a sum of Rs. 1 lakh paid by the assessee towards part payment of the price was to be utilised by the vendor for the completion of the house. We are, therefore, unable to accept the assessee's contention that by mere delivery of possession of the house to the assessee under an agreement to sell the house could be said to belong to the assessee in spite of the law as laid down by Hon'ble the Supreme Cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccounts filed by the assessee at page 12 of the paper book, Rs. 2,75,000 were deposited in the bank account at Calcutta on 4th Nov., 1982 and Rs. 75,000 were deposited on 4th Dec., 1982 in the account at Indore. Out of this the assessee withdrew, amongst others, Rs. 60,000, Rs. 40,000 and Rs. 1,50,000 for the purchase of the house atIndore. A sum of Rs. 1,25,000 is also claimed to have been withdrawn on24th Jan., 1983for the purchase of the house but since the sale deed was not executed at that time a sum of Rs. 35,000 was deposited back in the bank account on30th March, 1983. As already stated the WTO has allowed exemption in respect of Rs. 7448 and the learned AAC has hold that the nexus between the sale proceeds of the house and the bala ..... X X X X Extracts X X X X X X X X Extracts X X X X
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