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TMI Blog1977 (7) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... ons of fact and law are involved in them. The assessee entered into an agreement with M/s. Sanghi Brothers of Jodhpur for the purchase of the Chetak Cinema along with its building, machinery, furniture, etc. An agreement of sale was consequently executed on September 29, 1964. It is not disputed that, in pursuance of the terms of that agreement, Rs. 7,00,000 were paid by the assessee to the owner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cording to him, involved an important question of law. The learned members of the Tribunal, while disposing of that application, observed that the facts stated above undoubtedly raise a question of law, but since the answer to this question was patent in the light of the interpretation of s. 32 of the I.T. Act and the two Supreme Court cases, namely, Alapati Venkataramiah v. CIT [1965] 57 ITR 185 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , cannot govern the question raised in the present case. He further urged that no doubt the Delhi High Court in CIT v. Hindustan Cold Storage and Refrigeration P. Ltd. [1976] 103 ITR 455 have decided the question against the assessee, but according to Mr. H. M. Parekh, that judgment of the Delhi High Court is not binding on this court and since there is no direct decision of the Supreme Court or o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accrue only when the title of the property passes on to the purchaser by a validly registered document. We need not of course express our opinion about the principle decided by the Supreme Court in these two cases at this stage, but it is obvious that the question of law decided by the Supreme Court in these two cases has no direct bearing on the question arising out of the interpretation of s. 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties regarding the points argued before us. Suffice it to say that the question involved is undoubtedly a question of law and, in the light of the circumstances of these cases, we can say that there is a substantial question of law which needs consideration by this court, as there is no direct case of the Supreme Court or of this court on the point involved herein. We, therefore, direct that the I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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