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2015 (1) TMI 1189 - HC - VAT and Sales TaxEntitlement for exemption for 5 years u/s 4A(1) of the U.P. Trade Tax Act, 1948 – Exemption from the date of registration of the sale deed - Whether the Tribunal was wrong in ignoring the date of ownership accruing from the date of entry into possession with effect from 20.10.1986 i.e. the date of registration of the agreement to sale and when the petitioner came into possession of the property in question for the purposes of determining the ownership as being the first date for grant of exemption - Held that:- The word owned has been interpreted in Mysore Mineral Ltd. Vs. Commissioner of Income Tax [1999 (9) TMI 1 - SUPREME Court] wherein it has been held that the term "owned" as occurring in section 32(1) of the Income-tax Act, 1961, must be assigned a wider meaning - anyone in possession of property in his own title exercising such dominion over the property as would enable others being excluded there from and having the right to use and occupy the property and/or to enjoy its usufruct in his own right would be the owner of the buildings though a formal deed of title may not have been executed and registered as contemplated by the Transfer of Property Act, the Registration Act, etc. - the revisionist which is a private limited Company engaged in the manufacture and sale of Diesel, Engines, Generating Sets, Alternators etc. had purchased the land and building for establishing a new unit through registered agreement to sale - Vacant possession of the land and building had been given to the revisionist on 20.10.1986 on the basis of the agreement of sale dated 20.10.1986 - the revisionist under the registered agreement to sale had entered into possession of the land and building and the agreement to sale was registered on 20.10.1986, thus, the revisionist would be entitled for the grant of exemption from 20.10.1986 to 22.12.1991 – Decided in favour of revisionist assessee.
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