1968 (9) TMI 34

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....ion under reference is " Whether, on the facts and circumstances of the case, the assessee is entitled to the benefit of section 12B(4)(b) of the Indian Income-tax Act, 1922, in respect of capital gains arising out of sale of the property, ' Bishops Gardens '? " The assessment year with which we are concerned is 1961-62 for which the accounting period ended on March 31, 1961. The assessee, t....

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....sed some other bungalow for his residential purpose for Rs. 94,850. The assessee, on that basis, claimed the benefit of section 12B(4)(b) of the Act. When exactly possession was delivered is not clear, but the revenue as well as the Tribunal would put it, some time in April, 1960. The benefit claimed by the assessee was disallowed in the first instance on the view that the sale was not finalise....

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....nsferred only when a sale deed is executed, and that as the purchase of the property in December, 1961, was sufficiently within the time during which the sale deeds were executed in relation to parcels of the property comprised in " Bishops Gardens ", the assessee would be entitled to the benefit of section 12B(4)(b) of the Act. The reasoning of the Tribunal is rather vague. It seems it was inc....

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.... appears to be correct. This is on the view that the sale of the property had not been completed by the accounting year. But there is another reason on which we would like to base our conclusion in this reference, rather than the above ground. The sales, as we mentioned, took place between March 15, 1961, and October 20, 1962. Whichever view may be taken, it is obvious that the purchase by the ....