TaxTMI 
TaxTMI 
2005 (8) TMI 89
X X X X Extracts X X X X
X X X X Extracts X X X X
....eal has been filed by the Income-tax Department against the judgment of the learned single judge dated March 27, 2000. Heard learned counsel for the parties and perused the record. The writ petitioner was an owner of certain immovable property at Chennai and he had entered into an agreement with Banque Nationale de Paris on June 4, 1997, for the sale of the property for a total consideration of ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ement for transfer is made, being immovable property of the nature referred to in sub-clause (i) of clause (d), means,- (i) if the immovable property is to be transferred by way of sale, the consideration for such transfer as specified in the agreement for transfer,... and where the whole or any part of the consideration for such transfer is payable on any date or dates falling after the date of....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ct in view of the decision of the Supreme Court in Ramesh Bhai J. Patel v. Union of India [2001] 247 ITR 182, in which the Supreme Court observed: "The period of such discount shall be the period between the date of the agreement and the date or dates on which the consideration or part thereof is payable." Thus, there are only two relevant dates to be taken into consideration for determining the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....les, 1962, prescribes the rate of interest at 8% which is to be discounted for the period between the date of the agreement and the date when the amount is payable. In our opinion, the view taken by the Gujarat High Court in Pradip Ramanlal Sheth v. Union of India [1993] 204 ITR 866; Manik Chand Sethia v. Union of India [1997] 226 ITR 411 (All); and M.P. Poddar (HUF) v. Appropriate Authority [1999....