1999 (9) TMI 27

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.... pertaining to the assessment year 1982-83, the Revenue seeks a direction to the Income-tax Appellate Tribunal to state the case and refer the following question for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is correct in law in holding that for the purpose of section 54, the date of agreement to purchase should b....

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....as capital gains on the ground that the assessee had failed to satisfy the conditions laid down in section 54(1) of the Act inasmuch as he had failed to purchase the flat within the stipulated period of one year. The assessee's appeal to the Commissioner of Income-tax (Appeals) was unsuccessful. The assessee took the matter in further appeal to the Tribunal, who took the view that the assessee ....

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....se. Thus, on payment of a substantial amount in terms of the agreement of purchase dated September 25, 1981, i.e., within four days of the sale of his old property, the assessee acquired substantial domain over the new residential flat within the specified period of one year and complied with the requirements of section 54 of the Act. Merely because the builder failed to hand over possession of th....