9911796707
TMI Blog1976 (8) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... property known as "Khushaldas Gardens" was owned by seven individuals. One of them, namely, Shri Haridas Ghirdhardas, filed C. S. No. 391 of 1950, on the file of this court, against the other co-owners for division by metes and bounds of all the properties belonging to them inclusive of the aforesaid Khushaldas Gardens. During the pendency of the suit, one of the co-owners, namely, Shri Baldevdas Govindas, died survived by his minor son, Vallabhadas and his widow, Mrs. Kamala Bai, who were brought on record as parties to the suit in the place of the deceased. During the course of the partition proceedings, the High Court directed the sale of the abovesaid Khushaldas Gardens. Before the property could be sold, some of the co-owners entered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rket price as on the date of the order of the High Court. The liability to capital gains tax arose in respect of this transfer which resulted in a gain of Rs. 79,119. It is not in dispute that the sale deeds were executed by all the three persons, namely, the assessee and the other two co-owners. Further, the sale deeds referred to the agreement entered into between the parties under which the assessee had undertaken to take over the one-fourth share (each) of the other two co-owners on payment. They also referred to the fact that by the date of the sale the assessee had not paid the other two co-owners in full and, therefore, had not obtained release deeds from them and that hence all the three continued to be owners of the property with r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... co-sharers other than the assessee and it gives their value as follows: Rs. Shri Haridas Ghirdhardas 90,250-25 Shri Jagannathadas Govindas 90,250-25 Smt. Kamala Bai 45,125-12 Shri Vallabhadas Baldevdas 45,125-12 After mentioning the value of their shares as above, the Tribunal states: "He (the assessee) has to pay Shri Haridas Ghirdhardas and Shri Jagannathadas Govindas Rs. 90,250.25 each and to Smt. Kamala Bai and Vallabhadas Baldevdas Rs. 45,125.12 each. From the statement of accounts of Shri Haridas Ghirdhardas and Shri Jagannathadas Govindas it is apparent that they were paid in all a sum of Rs. 93,874.50 each. This more or less amounts to the value of their share in the property." It is rather difficult to appre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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