1997 (12) TMI 45

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....y the Revenue under section 256(2) of the Income-tax Act, 1961, the following two questions are proposed by the applicant for the opinion of this court : "1. On the facts and in the circumstances of the case and in law, the Income-tax Appellate Tribunal was not justified in confirming the order of the Commissioner of Income-tax (Appeals), Surat, whereby it is an admitted fact that during the asse....

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....section 256(1) of the Act before the Tribunal for referring these questions for the opinion of this court, the Tribunal held that the flat owners who were handed over these flats by the owner under an agreement to purchase, were being taxed by the Department and that the assessee was left only with a husk of the legal title. It was held that what was being taxed under section 22 of the Act was the....

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....urchasers. The Supreme Court has now in CIT v. Podar Cement Pvt. Ltd. (1997] 226 ITR 625, held that though under the common law "owner" means a person who has got valid title legally conveyed to him after complying with the requirements of law such as the Transfer of Property Act, the Registration Act, etc., in the context of section 22 of the Income-tax Act, 1961, having regard to the ground rea....