9911796707
TMI Blog2000 (3) TMI 183X X X X Extracts X X X X X X X X Extracts X X X X ..... l, 1988." 2. The facts of this appeal reveal that assessee agreed to sell her part of agricultural land vide agreement dt. 1st Jan., 1976, to M/s Nav Jeevan Grah Nirman Sahakari Samiti Ltd. The copy of the agreement is placed on record. Assessee received payment of Rs. 1,25,000 during the accounting period relevant to asst. yr. 1982-83 and the balance Rs. 4,30,000 in the accounting period relevant to asst. yr. 1983-84. The remaining balance of Rs. 25,000 is still outstanding. It is also learnt that on 1st Jan., 1976, assessee also handed over the possession of the land to the Sahakari Samiti. If further revealed that due to Government policy of not regularising the agricultural land, the land in question could not be transferred through r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... "11.1 The existing definition of the word 'transfer' in s. 2(47) does not include transfer of certain rights accruing to a purchaser, by way of becoming a member of or acquiring shares in a co-operative society, company or association of persons or by way of any agreement or any arrangement whereby such person acquires any right in any building which is either being constructed or which is to be constructed. Transaction of the nature referred to above are not required to be registered under the Registration Act, 1908. Such arrangements cover the privileges of ownership without transfer of title in the building and are a common mode of acquiring flats particularly in multi-storeyed construction in big cities. The definition also does not cov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 2(47) was not there and hence facts of that case are not applicable in the instant case. In this connection, learned Departmental Representative also relied upon the decision Rajendra Mining Syndicate vs. CIT (1961) 43 ITR 460 (AP). 4. The learned authorised representative on the other hand, submitted that there is no dispute in regard to facts of this case. Agreement to sell was executed on 1st Jan., 1976, and the land was also handed over on the same date. These events took place much before the introduction of the amendment made effective from 1st April, 1988. It was also submitted that these amendments were not from retrospective effect. It was, therefore, submitted that the transaction in question does not fit in the definition o ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
