1984 (3) TMI 77

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....990 and the amount of Rs. 12,990 was paid on signing of the agreement and balance amount of Rs. 1,62,000 would be paid within one year in 10 equal instalments from the date of his agreement. The assessee has deposited the consideration with Natpur Co-operative Bank Ltd., Nadiad and United Mercantile Co-op. Nadiad. According to the ITO, the assessee had not invested these deposits within time limit of 6 months after the date of transfer. According to the ITO the period expires on 11th Nov., 1978. The assessee has received Rs. 12,990, Rs. 16,200 and Rs. 16,200 aggregating to Rs. 61,599 from Shah Construction Co. Ltd. upto 11th Nov., 1978 and she has thus not invested the entire consideration of Rs. 1,57,094 in fixed deposits within the statut....

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....she failed to deposit the investment in fixed deposits within 6 months from the date of transfer the assessee is not entitled for relief. 3. We have heard the rival submissions and considered the material on record. The fact is not in dispute that the assessee has entered into agreement with M/s Shah Construction Co. and relinquished her rights and share in the port trust plot No. 6 situated at Seweree Port and under the agreement the assessee received Rs. 12,999 on the date of signature and balance Rs. 1,62,000 she was to receive in 10 equal instalments. In consequence of this agreement according to the assessee, the assessee received the amount of consideration on the following dates by cheque and demand draft as under: Rs. 12,99....

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....No. 5868/507/11 dt. 19-12-1980 to 19-1-1984 - do - Rs. 60,000 Receipt No. 8170 dt. 4-7-1981 to 4-7-1984 Natpur Bank Rs. 1,75,100 The relevant portion of s. 54E reads as under: "54E (1) Where the capital gain arises from the transfer of a capital asset, not being a short-term capital asset, (the capital asset to transferred being hereafter in this section referred to as the original asset), and the assessee has, within a period of six months after the date of such transfer, invested or deposited the whole or any part of the net consideration in any specified asset (such specified asset being hereafter in this section referred to as the new asset), the capital gain shall be dealt with in accordance with the following provisions of....