9911796707
TMI Blog1985 (12) TMI 95X X X X Extracts X X X X X X X X Extracts X X X X ..... recalled. Now this case was heard by the Division Bench de novo. 3. The assessee, who is the learned advocate himself in this case, submitted that it was in 1971 that application for allotment for plot in Mohali was made and Rs. 975 were deposited. He got the allotment letter on 25-2-1980 and the said plot instead of being registered in favour of the assessee Shri S.P. Singla was directly registered by the Governor of Punjab in favour of Smt. Jagat Kaur on 31-3-1980. Since both the lower authorities on the basis that the assessee had purchased the plot on 25-2-1980 and sold the same on 31-3-1980, that is within two months, naturally considered the same to be short-term capital gain and assessed it to tax. While disputing this action of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... so drawn our attention to rule 5 of the Punjab Urban Estates (Sale of Sites) Rules, 1965. 5. After taking into consideration the rival submissions, we are unable to sustain the finding of the AAC due to the following uncontroverted facts : (i) It was on 27-10-1971 that application No. 7522 was made by the assessee and advance of Rs. 975 was paid. (ii) Rule 5 is extracted and placed below : "5. Application for sale by allotment.---Sections 23(2)(a) and (b) and 3(2) and (3)--- (1) In case of sale by allotment the intending purchaser shall make an application to the Estate Officer concerned in the form (annexed in these rules as) given in Schedule 'A'. (2) No application under sub-rule (1) shall be valid, unless it is accompanied b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hin the said period of thirty days, he will be entitled to the refund of the amount paid by him. The refusal shall be communicated to the Estate Officer concerned through an acknowledgement due registered letter. The refund shall be made by means of a cheque payable at the State Bank of India at any place and the applicant shall have no claim in respect of the collection charges for the cheque." (iii) The letter of allotment dated 25-2-1980 which is on the assessee's compilation, clause (7) of the same reads as under : "On payment of 100 per cent of the purchase price of the plot you shall have to execute a deed of conveyance in the prescribed form in such manner as may be directed by the Estate Officer." (iv) In Schedule 'B', under r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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