9911796707
TMI Blog1988 (3) TMI 39X X X X Extracts X X X X X X X X Extracts X X X X ..... al made this reference under section 256(1) of the Income-tax Act, 1961, in connection with the assessment year 1976-77. The question referred for the consideration of this court is: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is correct in law in holding that the assessee is eligible for exemption under section 54(1) of the Income-tax Act? " ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a substantial sum of Rs. 29,000 through cheque. The stipulation in the agreement was that a further sum of Rs. 11,000 would be paid soon and the balance of Rs. 7,000 would be paid on delivery of possession. From the facts on record, it would appear that the vacant possession of the house property was delivered on August 10, 1976, on which date the amount of Rs. 11,000 was paid. In other words, a s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hased " the property. The Tribunal felt that the matter need not be decided on the basis as to when the property was sold in favour of the assessee. The expression "purchased " would undoubtedly connote the domain and control of the property given into the assessee's hands. From the facts on record, it is clear that, apart from the payment of substantial purchase consideration, the assessee secure ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
