TaxTMI 
TaxTMI 
2014 (4) TMI 23
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....ed off by this common order. 2. Both the appeals relate to the common issue of determining the year of acquisition of the capital asset transferred by the assessees thereby deciding the indexed cost of acquisition. 3. Briefly stated, assessees's father, Shri A.C. Krishnamurthy purchased a plot at Pali Hill, Bandra Mumbai, in the year 1962. In February, 1980, Shri A.C. Krishnamurthy died intestate, leaving behind his wife and two children, viz. the assessees. Thus, there were three inheritors of the above property located at Bandra, all having equal shares. The said three persons, including the present assessees entered into an agreement for sale of the said property with one Mr. O.P. Sharma on 26.09.1986. In consideration of the v....
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....a period of 22 months from the date of the agreement. To give effect to the terms of the agreement, the vendors, including the assessees have handed over the possession of the said premises to the purchaser Mr. O.P. Sharma (hereinafter called the developer) with a right to develop the same. Thereafter, Shri O.P. Sharma, the developer constructed apartments on the said plot in the due course of time and obtained the completion of work/occupation certificate as late as January, 2000. Subsequently, by way of a letter dated 23.07.2003 addressed by the vendors to Mr. O.P. Sharma, the developer, and the contents therein being confirmed by the said Mr. O.P. Sharma by signing thereon, it was agreed that in partial modification of the agreement date....
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....y way of sale to Mr. Ladho Kanayalal Wadhwa and Mrs. Mala Ladho Wadhwa, being the prospective purchasers of the said three flats. In the above background, the said three flats, the first flat situated partly on the ground floor and partly on the first floor and the other two flats situated fourth and fifth floors respectively (referred to as impugned property from now) were agreed to be sold to Wadhwas by way of a sale agreement dated 4th September, 2006, which was signed by the vendors, including the assessees, referred to owners of the first part and Shri Omprakash Sharma referred to as builder of the second part and Wadhwas referred to as purchasers of the other part. The consideration agreed upon therein for the impugned property was fo....
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.... virtue of the operation of the agreement dated 26.09.1986 were entitled to receive one flat partly on the ground floor and partly on the first floor along with attached garden of not less than 400 sq.ft and the other two flats on the second and third floors respectively along with two car parking spaces for each flat, the three flats together having a total super built up area of 415 sq.ft approximately. Subsequently, by way of a letter dated 23.07.2003 addressed by the vendors to the developer, it was agreed that in partial modification of the agreement dated 26.09.1986, the assessees were to get flats on the fourth and fifth floor of the building in the place of the flats on 2nd and 3rd floors of the said building, as provided in the agr....