2025 (5) TMI 33

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.... (iv) Assailing the decree in the Suit, the sisters of the vendors filed a first appeal before Sub-Court, Villupuram in A.S.No.135 of 1983, which confirmed the order of the Civil Court in regard to items 1 to 37 of the suit properties, which includes the schedule property at serial number 36 thereof. (v) A second appeal in S.A.No.458 of 1985 came to be filed by the vendors and Cross objections were filed by the sisters. (vi) The second appeal was disposed on 09.04.1986, a learned Judge of this Court confirming that the conclusion of the Civil Court was correct qua properties at 1 to 37. (vii) Hence, and with the passing of the order in second appeal, the title to the schedule property was held to vest in the sisters. (viii) An Execution Petition was filed by the sisters seeking to execute the decree. (ix) Pending the proceedings for execution, the parties, that is, the appellant herein and the sisters, effected a compromise of the lis, and entered into Deed of compromise dated 07.10.2005 to following effect: (x) An application thus came to be filed by the Appellant in E.A.No.2403 of 1997 under Order 21 Rule 97 of the Civ....

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....t sheet does not reveal that the matter has been admitted thus far. Hence, on a consideration of the substantial questions of law raised for decision, the following question of law is admitted and the matter taken up for final hearing with the consent of both learned counsel: 'Whether the Appellate Tribunal is correct in law in sustaining the action of the respondent in rejecting the claim for exclusion of Rs.33,87,720/- out of the sale proceeds from the sale of the property/capital asset in the computation of Long Term Capital Gains overlooking the applicability of the legal theory of 'Diversion by overriding title' as well as the decision of this Hon'ble Court reported in 261 ITR 222?' 4. The facts are not in dispute and the narration set out in paragraph 1 and the sub-paragraphs thereunder are admitted by both learned counsel. The legal question to be decided relates to the allowability or otherwise of the amount of Rs.33,87,720/- as cost of acquisition in the computation of capital gains under Section 48 of the Act. 5. Section 48 is extracted below: 48. Mode of computation. The income chargeable under the head "Capital gains" sha....

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....ate property and that the said application is pending enquiry and Whereas the parties have decided to amicably settle the dispute at the earliest and arrived at the compromise and Whereas Nos.2 & 3 of us have agreed for the application E.A.2403/1997 filed under order 21 Rule 97 C.P.C. being allowed in favour of No.1 of us and Whereas the parties have agreed that in consideration of the same No.1 of us had agreed that when an extent of 70 cents in S.No.93/5 was sold, the total sale consideration would be divided in equal moieties between Nos.2 & 3 on the one part and No.1 of us on other part and That No.1 of us have also no objection for the said amount shall be received directly from the purchaser by Nos.2 & 3 of us and That the Income Tax payable on the said sale price received by Nos.2 & 3 of us shall be paid by Nos.2 & 3 of us and That No.1 of us had agreed to pay a sum of Rs.5,00,000/- to Nos.2 & 3 of us in full discharge of the compromise arrived at in respect of items 9, 10, 11, 13 & 16 of the suit properties comprised in O.S.288/81 which had been acquired by the Cuddalore Housing Board and That Nos.2 & 3 of us as....

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....ோடு 34 இலக்கத்தில் வசிக்கும் அந்தோனிசாமி மனைவி ரீத்தா அம்மாள் (1), விழுப்புரம் தாலுக்கா சாலமேடு கிராமத்தில் வசிக்கும் ராமகிருஷ்ணன் மனைவி சரஸ்வதி (2), மேற்படி விழுப்புரம் தாலுக்கா சாலமேடு கிராமத்தில் வசிக்கும் அசோக கவுண்டர் à®®à....

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....¯à®¨à®¿à®²à¯ˆà®¯à®¿à®²à¯, உபய பார்ட்டிகள் கட்சி எப்படியிருந்த போதிலும் இந்த வழக்கினை விரைவில் ஒரு முடிவுக்கு கொண்டு வரவேண்டுமென்று எண்ணத்தினால், நாம் அனைவரும் ராஜியாகி, அதன்படி நம்மில் 1 வது நபர் தாக்கல் செய்த உரிமையியல் சட்டம் ஆர்டர் 21 வà....

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....்சேபனையும் இல்லை. அவ்வாறு அவர்கள் பெற்றுக்கொள்ளும் கிரய தொகைக்கு உரிய வருமானவரியினை 2, 3 நபர்களோ செலுத்தி கொள்ளவேண்டியது. மேலும் கடலூர் வீட்டு வசதி வாரியத்தால் ஆர்ஜீதம் செய்யப்பட்டதும் O.S.288/81ல் சம்மந்தப்பட்ட 9, 10, 11, 13, 16 அயிட்ட சொத்à®....