TMI Blog1959 (6) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... n agreement with one Kesarbai and others to purchase a piece of land together with a house sanding thereon, at Walkeshwar Road, Bombay, for ₹ 4 lakhs. Under the agreement of sale, the transaction was to be completed by the purchaser within 3 months. After having entered into the agreement, the assessee was unwilling to complete the transaction because the house which he had agreed to purchas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the same was liable to be set off under section 24 against capital gains under section 12B of the Income-tax Act. The Income-tax Officer rejected the contention of the assessee, holding that the agreement to purchase the house was not in the course of a business conducted by the assessee and that the amount of consideration paid by the assessee under the deed of sale was not liable to be set o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was not covered by section 12B of the Income-tax Act. At the instance of the assessee, the Tribunal has referred the following question: Whether on the facts and in the circumstances of the case, the loss of ₹ 76,598 is a loss falling under the head 'capital gains' within the meaning of section 24(2A) of the Income-tax Act? The assessee after entering into a contract to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roperty may be regarded as property within the meaning of section 2(4A) read with section 12B of the Indian Income-tax Act. In the present case, in substance the transaction between the vendors, the assessee and the ultimate purchasers appears to have assumed the form under which the property was conveyed to the ultimate purchasers and the assessee made up the difference between the price stipul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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