9911796707
TMI Blog2001 (2) TMI 112X X X X Extracts X X X X X X X X Extracts X X X X ..... stion has been referred for our opinion: "Whether, on the facts and in the circumstances of the case and on a correct interpretation of the sale agreement, the Tribunal was correct in law in maintaining the order of the Commissioner of Income-tax (Appeals) in deleting the addition of Rs. 32,00,000 and Rs. 50,000 made by the Income-tax Officer under the head 'Business' and 'Other sources', respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has not been given by the Reserve Bank of India, in the relevant previous year, the Income-tax Officer did not accept the transfer effective on the basis of the agreement and assessed the income from the tea garden in the hands of the assessee. The Commissioner of Income-tax (Appeals) following the decision of the Tribunal in the case of Jhanzie Tea Association and in the case of Chulst Tea Co. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from that date the income from such tea garden, which was transferred, cannot be assessed in the hands of the transferor. We have considered the submission of learned counsel for the parties. In the case of CIT v. Jhanzie Tea Association [1989] 179 ITR 294 (Cal) even the sale deed was not executed but there was an oral agreement providing for transfer of income from the assets of the purchaser b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer. When the concurrent finding of fact of the Commissioner of Income-tax (Appeals) as well as the Tribunal is that the transfer took place from the date of the agreement we find no perversity in their finding. We concur with the view taken by both the authorities. Considering the aforesaid facts, we answer the question in the affirmative, i.e., in favour of the assessee against the Revenue. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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