2014 (11) TMI 941

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....;           "Whether, in the facts and circumstances of the case, the ITAT was right in law in holding that when the sale consideration is paid subsequently, the entire sale transaction becomes conditional and the date of such would be the date on which the said payment is made ? 3. The facts of the present case are that the assessee is a closely held company which is publishing a Gujarati Newspaper by the name "Sandesh". Apart, from this, leasing business is also done in a separate division of the company. The appellant had filed its return of income for the AY 1994-95 declaring total income of Rs. 4,48,123/- on 30.11.1994. The return was processed u/s. 143(1)(a) of the Act and following p....

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....operty. Sec. 32 of the Sale of Goods Act, 1930, reads as under:            "32. Payment and delivery are concurrent conditions.- Unless otherwise agreed,delivery of the goods and payment of the price are concurrent conditions, that is to say, the seller shall be ready and willing to give possession of the goods to the buyer in exchange for the price, and the buyer shall be ready and willing to pay the price in exchange for possession of the goods." 5. Mr. Soparkar learned Senior Advocate has contended that the Tribunal has seriously erred in holding that though both the sale Bill/Debit Note and Lease Agreement are dated 28.8.1993, the appellant became the owner only when the purchase price....

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.... circumstances of the case. (3) Unless a different intention appears, the rules contained in sections 20 to 24 are rules for ascertaining the intention of the parties as to the time at which the property in the goods is to pass to the buyer.           20. Specific goods in a deliverable state.- Where there is an unconditional contract for the sale of specific goods in a deliverable state, the property in the goods passes to the buyer when the contract is made, and it is immaterial whether the time of payment of the price or the time of delivery of the goods, or both, is postponed." 7. Learned advocate Mr. Mehta for respondent- Revenue has further contended that there was a conditional sale pur....