COMMISSIONER OF INCOME TAX Vs. MORMASJI MANCHARJI VAID

JUDGEMENT

(1.) IN view of the order made by the Division Bench of this court on September 21, 1995, referring the matter to a larger Bench and in view of the order made by the Chief Justice on March 29, 2000, this matter is placed before this larger Bench.

(2.) BEFORE reverting to the question of law, in the instant case it would be most appropriate to refer to the facts of the case.

(3.) THE question before the court was, whether the transfer in question was effected in the accounting year (Samvat year 2029) relevant to the assessment year 1974 -75, i.e, on October 13, 1973, when the document in question was executed or the transfer in question was effected in the accounting year (Samvat year 2030) relevant to the assessment year 1975 -76, i.e., the year in which the document was presented for registration on January 5, 1974, or the registration of the document was completed on March 2,1974. The court also raised a question whether the date of presenting the document for registration is the decisive date or whether the date of completion of registration of the document is the crucial date for the purpose of holding as to when the transfer of immovable property can be said to have taken place.