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TMI Blog2018 (11) TMI 137X X X X Extracts X X X X X X X X Extracts X X X X ..... the character of a conveyance or a sale deed automatically. Thus, the possession also was not handed over but was to be handed over on compliance with certain obligations by the Vendor. It is in these circumstances that the total consideration was received on 16th June, 2011. It is evident that the Vendor was in possession of the premises from February to June 2011. It was carrying on its business from these premises up to April 2011. This would indicate as to how the Tribunal applied the correct legal principles and construed the clauses in the agreement, otherwise than as understood by the Assessing Officer and the Commissioner - INCOME TAX APPEAL NO. 589 OF 2016 - - - Dated:- 29-10-2018 - S. C. DHARMADHIKARI B. P. COLABAWALLA, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... huja. The agreement which has been the subject matter of this controversy is dated 14th February, 2011. A copy thereof is to be found at page 19 onwards of the paper book. The recitals are that the Assessee are the owners of immovable property more particularly described in the agreement. This is referred to as the said premises. The Assessee/Vendor agreed to sell it to the purchasers and the Purchasers agreed to acquire from the Vendor, the said premises and all their right, title and interest of the Assessee therein, free from all encumbrances for the consideration of ₹ 2,20,00,000/-. 6. This is an agreement in relation to one flat/premises and identical agreement is also executed in relation to the other premises. Clause (2) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssion of the premises to the purchasers. The purchasers shall be liable to pay the same from the date of possession of the said premises. The purchasers covenanted to pay the amount /balance consideration within the time stipulated. By clause (14), it is agreed that a letter of consent would be executed so as to transfer the electricity meter and in any event if that is not enough, necessary forms for effectively transferring the electric meter connected to the said premises and for transfer of the electric meter deposit would be signed. 8. Clause (15) says that in the event the amount is not paid by 26th May, 2011, the damages to the extent of ₹ 25,000/- per day shall be paid till all the obligations are complied with by the Vendo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent merely because it is registered, that does not partake the character of a conveyance or a sale deed automatically. Thus, the possession also was not handed over but was to be handed over on compliance with certain obligations by the Vendor. It is in these circumstances that the total consideration was received on 16th June, 2011. It is evident that the Vendor was in possession of the premises from February to June 2011. It was carrying on its business from these premises up to April 2011. This would indicate as to how the Tribunal applied the correct legal principles and construed the clauses in the agreement, otherwise than as understood by the Assessing Officer and the Commissioner. Such findings of fact can never be termed as pervers ..... X X X X Extracts X X X X X X X X Extracts X X X X
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