1999 (11) TMI 107

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.... on non-appreciation of the factual and legal position in respect thereof and, therefore, unjust, uncalled for and legally untenable." (2) That without prejudice to the above, the action of the learned CIT(A) in also holding that capital gain relates to the year under appeal is again without any basis or material and, therefore, uncalled for and illegal." (3) That the learned CIT(A) has failed to appreciate the facts of the case, evidence filed and explanations rendered and his action culminating in upholding the order that the appellant has earned a capital gain of Rs. 3,43,113 is purely on hypothesis, imagination and surmises and, therefore, deserves to be struck down. (4) That on the facts and in the circumstances of the case th....

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....clause M/s Godfrey Phillips India Ltd. agreed to exercise the option for the purchase of the said property from the assessee in November, 1987. After adjusting the deposit of Rs. 8,00,000 a sum of Rs. 17,18,000 was paid under an agreement to sell. The balance of Rs. 1,00,000 was payable at the time of registration. 6. On this factual backdrop the AO held that the assessee sold the property for Rs. 26,18,000 even though the registration thereof was not completed. After deducting the cost of acquisition and other necessary deductions, the chargeable long-term capital gain was worked out at Rs. 3,43,113. 7. While making this addition the AO also noted that M/s Godfrey Phillips India Ltd. stopped paying rent on those premises to the asses....

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....e handed over and delivery of possession will be given. The Hon'ble High Court held that the date of registration of sale deed could not be considered to be the date of transfer. This decision was rendered prior to the insertion of sub-s. (v) in s. 2(47). The provision of sub-cl. (v) of s. 2(47) are substantive in nature and are operative from asst. yr. 1988-89. It is pertinent to note that s. 53A of the Transfer of Property Art deals with the doctrine of part-performance. This is an English doctrine and it was partially imported into India. This section does not confer any title on the transferee in possession, but merely put a statutory bar on the transferor. This doctrine is a shield and not a sword. It is a right to protect the transfer....