9911796707
TMI Blog1978 (7) TMI 91X X X X Extracts X X X X X X X X Extracts X X X X ..... ulated a huge wealth. He deposited Rs. 26,000 free of interest with one Zamir Ahmad out of his savings from his professional income for purchasing a house at Bareilly. The instructions left by the deceased were that the house would be purchased in the name of Hasan Mumtaz, the assessee, who was minor at the time of the deposit of the money by the deceased, Shiraj Hasan, with Zamir Ahmad. After the death of Shiraj Hasan, Zamir Ahmad sold his own bungalow No. 204, Civil Lines, Bareilly, for a consideration of Rs. 26,000 which was lying in deposit with him in favour of the assessee. On March 1, 1967, the assessee sold the aforesaid bungalow for a sum of Rs. 1,00,000. In the assessment year 1967-68, the ITO did not accept the transaction as sal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. It is, however, settled that the word "price" is used in the same sense as in s. 4 of the Sale of Goods Act (See CIT v. Motors General Stores (P.) Ltd. [1967] 66 ITR 692 (SC). Section 2(10) of the Sale of Goods Act defines "price" as meaning the money consideration for a sale of goods. The presence of money consideration is, therefore, an essential element in a transaction of sale. Construing the document dated July 26, 1956, we find that the same fulfils all the requirements of being a sale. By this document ownership of the property was transferred by Zamir Ahmad in favour of the assessee for a consideration of Rs. 26,000. At places more than one, the deed clearly recites that the property had been sold in lieu of the consideration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve been agreed to between the parties. It is thus clear that every sale necessarily implies a previous agreement to sell but in our opinion the previous agreement may take place only a moment or two before. The arrival of previous agreement to sell can be proved from the circumstantial evidence. The recitals of a sale deed can also be relied upon. In the instant case, the recitals of the document demonstrate and prove that an agreement had been arrived at between the vendors and the vendees before the sale deed was executed. It is, therefore, not possible to hold that the finding of the Tribunal that the document was a sale is erroneous and illegal. The learned counsel for the assessee attempted to challenge the finding of the Tribunal al ..... X X X X Extracts X X X X X X X X Extracts X X X X
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