9911796707
TMI Blog1968 (9) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts and circumstances of the case, the assessee is entitled to the benefit of section 12B(4)(b) of the Indian Income-tax Act, 1922, in respect of capital gains arising out of sale of the property, ' Bishops Gardens '? " The assessment year with which we are concerned is 1961-62 for which the accounting period ended on March 31, 1961. The assessee, the Raja of Pudukottai, entered into an ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al purpose for Rs. 94,850. The assessee, on that basis, claimed the benefit of section 12B(4)(b) of the Act. When exactly possession was delivered is not clear, but the revenue as well as the Tribunal would put it, some time in April, 1960. The benefit claimed by the assessee was disallowed in the first instance on the view that the sale was not finalised as maintained by, the assessee in Decembe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and that as the purchase of the property in December, 1961, was sufficiently within the time during which the sale deeds were executed in relation to parcels of the property comprised in " Bishops Gardens ", the assessee would be entitled to the benefit of section 12B(4)(b) of the Act. The reasoning of the Tribunal is rather vague. It seems it was inclined to think that in the vendee's case when ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the sale of the property had not been completed by the accounting year. But there is another reason on which we would like to base our conclusion in this reference, rather than the above ground. The sales, as we mentioned, took place between March 15, 1961, and October 20, 1962. Whichever view may be taken, it is obvious that the purchase by the assessee of a bungalow on November 24, 1961, was ..... X X X X Extracts X X X X X X X X Extracts X X X X
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