ANANT CHUNILAL KATE Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) HEARD.

(2.) THE Tribunal's order dt. 10th Jan. , 2000 is challenged by the assessee under Section 260aoftheitact, 1961.

(3.) IN brief, the facts giving rise to this tax appeal are as under: The appellant entered into an agreement of sale in respect of agricultural piece of land with one Pardeshi on 23rd Sept. , 1979. Pardeshi was the lawful owner of the agricultural land. He agreed to sell the said land to the present appellant. The appellant was to convert this land into non-agriculture. The appellant paid Rs. 10,000 to said Pardeshi by way of earnest money and thereafter Rs. 40,000 were paid to Pardeshi. However, Pardeshi did not execute the sale deed in favour of the appellant.