TaxTMI 
TaxTMI 
TaxTMI 
1958 (9) TMI 2
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....deration of Rs. 6,10,000. There is a schedule attached to the deed of agreement and thereunder are set out in great detail all the properties which are the subject-matter of the agreement. It consists of two parts; the first part includes land, building and the structures and the second part consists of movables including machinery, trucks, pipes, motor cars and the like. The value of the property mentioned in part 1 is fixed at Rs. 2,00,600 and that of the properties described in the second part at Rs. 4,09,400. It is recited in the agreement that the properties mentioned in the second part are capable of being transferred by delivery. It may be mentioned that the Bhurangya Coal Co. Ltd. was incorporated only on the 18th March, 1946. But t....
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....6, are assessable to income-tax under the above section. So far as the immovables are concerned, the position is clear. The title to them passed to the transferee only when the sale deed was executed on the 17th May, 1946, and not when the agreement was concluded on the 16th March, 1946. The transaction therefore falls directly within the operation of section 12B. So far as the movable properties are concerned, the position is equally clear. Title to the movables passed when they were delivered to the transferee and that was on the 30th March, 1946, and their sale falls outside the section. Therefore, on the terms of the agreement dated the 16th March, 1946, and the sale deed dated the 17th May, 1946, the position is that while the responde....
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....as to the position with reference to the movables as distinct from the immovables, under the transaction and if the appellant considered that in view of that distinction, further enquiry was called for, it was incumbent upon it to apply to the Tribunal itself to order it and not having done so, it had no right to call upon the High Court to remand the matter for that purpose. In our opinion the High Court was justified in declining to entertain this point. It is next argued for the appellant that some of the properties described as movables in part 2 of the schedule are really fixtures which would be immovable properties as defined in the General Clauses Act and section 3 of the Transfer of Property Act and that they passed to the transfe....
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.... could pass only on the execution of the sale deed on the 17th May, 1946. Coming next to the sale of the immovables under the sale deed dated the 17th May, 1946, the matter is governed by section 8 of the Transfer of Property Act. That section provides that unless a different intention is expressed or necessarily implied, a transfer of property passes forthwith to the transferee all the interest which the transferor is then capable of passing in the property and in the legal incidents thereof, and those incidents include all things attached to the earth. Fixtures will pass under this section to the transferee unless it is provided otherwise. Therefore, the sale deed dated the 17th May, 1946, operated to vest title in the fixtures also in th....