TaxTMI 
TaxTMI 
1996 (4) TMI 12
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....n 256(1) of the Act registered as R. A. No. 248/Ind of 1992 for the assessment year 1987-88 on October 25, 1993 ; order dated July 27, 1992, passed in I. T. A. No. 1041/Ind of 1991 on rejection of the application filed under section 256(1) of the Act registered as R. A. No. 249/Ind of 1992 for the assessment year 1987-88 on October 25, 1993 ; and order dated July 27, 1992, passed in I.T.A. No. 1100/Ind/1991 on rejection of the application filed under section 256(1) of the Act registered as R. A. No. 250/Ind of 1992 for the assessment year 1987-88 on October 25, 1993, respectively, for our consideration and opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding the amount of Rs. 7,34,000....
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....se law to hold that a contract for sale of immovable property does not create ally interest in the immovable property but only creates a personal obligation of a fiduciary character which could be enforced by a suit for specific performance, not only against the vendor but also against the purchaser for consideration with notice. The Tribunal concluded that the amount of damages received was nothing but the compensation for the injury for non-performance of the contract. It was thus held that it was a capital receipt not exigible to capital gains tax since no transfer of property was involved and as such the Tribunal allowed all the aforesaid three appeals numbered 1100/Ind of 1991, filed by Indian Pharmaceuticals, Indore ; 1040/Ind of 1991....
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.... capital asset, includes,--- (i) the sale, exchange or relinquishment of the asset ; or (ii) the extinguishment of any rights therein ; or (iii) the compulsory acquisition thereof under any law ; or" The assessment year is 1987-88. The amended provision was brought on the statute with effect from April 1, 1985. The date of agreement is September 25, 1970. Prior to April 1, 1985, section 2(47) read as under: "(47) 'transfer', in relation to a capital asset, includes the sale, exchange or relinquishment of the asset or the extinguishment of any rights therein or the compulsory acquisition thereof under any law;" Shri Vyas placed reliance on section 2(47) of the Act ; CIT v. Tata Services Ltd. [1980] 122 ITR 594 (Bom) ; CIT v. Abbasbhoy ....