COMMISSIONER OF INCOME TAX Vs. DILJINDER SHIVDAYAL SINGH

JUDGEMENT

(1.) AT the instance of the assessee the Income-tax Appellate Tribunal Delhi Bench 'C', Delhi (for short the Tribunal) has referred under S. 256(1) of the Income-tax Act, 1961 (for short the Act) the following question, arising out of ITA No. 5180/Del/1984 for the asst. yr. 1980-81, for our opinion.

(2.) SINCE in our opinion answer to the question stands concluded by the decision of the Supreme Court in CIT vs. Podar Cement (P) Ltd. & Ors. (1997) 141 CTR (SC) 67 : (1997) 226 ITR 625 (SC), it is not necessary to state the facts. In the said decision it has been held that for the purpose of s. 22 of the Act, the requirement of registration of sale deed is not warranted. It is observed that having regard to the ground realities and the object of the Act, namely, to tax the income, "owner" is a person who is entitled to receive income from the property in his own right. In other words, what has been held is that if the purchaser has been put in possession of the property on his paying the full consideration, he can be treated as "owner" for the purpose of S. 22 of the Act, even though no registered document as required under S. 54 of the Transfer of Property Act, has been executed in his favour. In view of the said authoritative pronouncement, question referred is answered in the affirmative i.e., in favour of the assessee and against the Revenue. The reference stands disposed of accordingly.