AVTAR SINGH Vs. ITO

JUDGEMENT

(1.) THIS appeal has been preferred under section 260A of the Income Tax Act, 1961 (hereinafter referred to as the Act) against the order dated 29 -7 -1999 passed by the Income Tax Appellate Tribunal. The following substantial questions of law arise for consideration :

(2.) ACCORDING to the appellant, in the return he showed a loss of Rs. 26,800 in the business and income from property at Rs. 13,060 together with income of Rs. 48,010 from interest. According to him, the net taxable income was Rs. 29,270.

(3.) THE assessing officer assessed the appellant on an income of Rs. 18,49,835 and an agricultural income of Rs. 30,000. In assessing the income, the capital gain on the sale of plot was assessed at Rs. 18,28,565. The case of the assessee is that he is not liable to be assessed on the alleged sale of plot as there was no transfer to the purchaser in terms of section 2(47) of the Act. According to the assessee, the conditions embodied in the agreement do not come within the ambit of section 2(47) of the Act as there was no transfer of the plot in favour of the purchasers. In the agreement (Annexure A -1) there is no stipulation that the possession of the property has been handed over to the purchasers.