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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 ..... 5 of the Tribunal. They are substantial questions of law. 3. Mr. Ahuja would submit that the Tribunal grossly erred in holding that the transaction or sale was not complete in the year under consideration. A bare look at the relevant clauses of the agreement would denote that nothing was left to be done and the properties could be conveyed and transferred on the date of the agreement itself. This was not a case where a contract of sale was executed and a sale deed culminating in the sale was to follow. Hence, the Tribunal grossly erred in reversing the concurrent findings of fact. It is clear from the agreement that it was duly stamped and registered. That resulted in disposing off and creation of a title in favour of the transferee. 4. F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... balance consideration shall be paid. The consideration has to be paid on or before 26th May, 2011 and subject to marketable title being made out by the Vendors, handing over of vacant and peaceful possession to the purchasers and handing over of the original documents and deeds of title in relation to these premises. Clause (4) of the agreement stipulates the date by which all this has to be done. Clause (5) contains a declaration of the title and thereafter there are other clauses / covenants in the agreement which denote that the Vendor had to procure consent, permissions, extensions, exemptions and No Objection Certificates as may be required from all the persons and authorities necessary for completion of transaction. The Vendors have a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lause (17) inserts and incorporates the usual stipulation with regard to the purchasers availing of the remedy of seeking specific performance of this agreement. 11. If the clauses, recitals and covenants in the agreement are read together and harmoniously, as has been done by the Tribunal, then, we do not see how the Revenue can complain and particularly urge that the Tribunal's findings are perverse or vitiated by any error of law apparent on the face of the record. A reading of the agreement in the above manner would falsify the Revenue's case as raised before us. The sale or transfer was not complete on the date of the execution of the agreement as is now urged and erroneously understood by the Assessing Officer and the Commiss ..... X X X X Extracts X X X X X X X X Extracts X X X X
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