COMMISSIONER OF INCOME TAX Vs. PATIL H K

JUDGEMENT

(1.) UNDER section 256(1) of the Income-tax Act, 1961 ("the Act" for short), the following question has been referred for our consideration :

(2.) THE proceedings pertained to the assessment year 1979-80.

(3.) THE Revenue contends that the sale was concluded on April 6, 1978, the date on which the machines were delivered to the purchaser, while the assessee contends that the sale was concluded only after the Registrar accorded his sanction on June 15, 1978, because such a sanction was a statutory requirement for the completion of the sale; in fact, it was a condition precedent for the sale.