1988 (3) TMI 39

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....e court was delivered by Y. V. ANJANEYULU J.-The Income-tax Appellate Tribunal made this reference under section 256(1) of the Income-tax Act, 1961, in connection with the assessment year 1976-77. The question referred for the consideration of this court is: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is correct in law in holding that the as....

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....reement was dated June 27, 1976. At the time of the agreement, the assessee paid a substantial sum of Rs. 29,000 through cheque. The stipulation in the agreement was that a further sum of Rs. 11,000 would be paid soon and the balance of Rs. 7,000 would be paid on delivery of possession. From the facts on record, it would appear that the vacant possession of the house property was delivered on Augu....

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....t, on the facts and circumstances, the question is as to when the assessee " purchased " the property. The Tribunal felt that the matter need not be decided on the basis as to when the property was sold in favour of the assessee. The expression "purchased " would undoubtedly connote the domain and control of the property given into the assessee's hands. From the facts on record, it is clear that, ....