2001 (2) TMI 112

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....1961, the following question has been referred for our opinion: "Whether, on the facts and in the circumstances of the case and on a correct interpretation of the sale agreement, the Tribunal was correct in law in maintaining the order of the Commissioner of Income-tax (Appeals) in deleting the addition of Rs. 32,00,000 and Rs. 50,000 made by the Income-tax Officer under the head 'Business' and....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of the Reserve Bank of India has not been given by the Reserve Bank of India, in the relevant previous year, the Income-tax Officer did not accept the transfer effective on the basis of the agreement and assessed the income from the tea garden in the hands of the assessee. The Commissioner of Income-tax (Appeals) following the decision of the Tribunal in the case of Jhanzie Tea Association and....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rom the date of the agreement and from that date the income from such tea garden, which was transferred, cannot be assessed in the hands of the transferor. We have considered the submission of learned counsel for the parties. In the case of CIT v. Jhanzie Tea Association [1989] 179 ITR 294 (Cal) even the sale deed was not executed but there was an oral agreement providing for transfer of income....