1984 (3) TMI 125

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....nts in the building. He entered into an agreement for sale of the entire property for an amount of Rs. 2 lacs in June, 1971 to Shri Shantikumar Dharamshi and Smt. Shobhna Shantikumar. The final conveyance of the property in favour of Shantikumar has not been made. Th possession was, however, handed over to Shantikumar, who had made some additions and alterations in the property. The assessee had c....

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.... in the hands of the assessee. 2. The assessee appealed before the AAC. Having heard the agruments on behalf of the assessee, the AAC followed the Bombay High Court decision in the case of CIT vs. Sultan Bros. P. Ltd. (1983) 142 ITR 249 (Bom) and rejected the assessee's appeal. 3. The assessee has, therefore, filed the present appeals before the Tribunal. On behalf of the assessee, reliance ....

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....f the case, we find that the facts lie within a narrow compass. The assessee agreed to sell his immovable property to Shantikumar Dharamshi and Shobhna Shanti kumar by an agreement dt. June, 1971. The final conveyance was, however, not made or registered. The question is whether the assessee is ceases to be the owner of the property. We find under similar circumstances, the Bombay High Court in th....

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....re made by informing the tenants to pay rent to the purchasers and the balance sale consideration is received by the vendor later, in the absence of a registered sale deed where the value of the property exceeds Rs. 100 the transferee cannot be regarded as the owner of the property. The vendor continued to be the owner of the property and was liable to be assessed on the income from the house prop....