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2014 (1) TMI 1186 - HC - Income TaxDelayed return filed – Intention to avoid tax - determination of date of which possession of property was handed over - Held that:- There is no term in the aforesaid agreements, which expressly says that possession has been delivered by the assessee to the builder - If 96 apartments were ready for sale, it is quite possible that constructions had taken two years - 30.6.1994 is the date of agreement. If on 18.12.1996 they were ready for sale, the finding recorded by the authorities that possession delivered on the date of the agreement is probable - When the agreement does not specify the delivery of possession and in the absence of any material produced by the assessee to show that when the possession is delivered, which shows foundation had been laid for all the even phases and constructions were almost complete in 4 phases, and it had to be finished. Coupled with the fact that in 1996, Power of Attorney was executed to sell the flats, an obvious inference that can be drawn from the material on record is that possession has been delivered under the agreement; payment of Rs.10 lakhs was paid, that is the reason why roughly about Rs.35 lakhs has been paid between 30.6.1994 and 31.5.1996 - It is a joint development agreement - Without possession of the property, no construction can be taken - the finding recorded by the authorities that possession was taken on 30.6.1994 is probable one and that being a concurrent finding of fact, it is not open for the court, in the absence of clinching material to hold otherwise - No substantial question of law does arise for consideration in the appeal – Decided against Assessee.
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