TMI Blog1988 (3) TMI 456X X X X Extracts X X X X X X X X Extracts X X X X ..... ference under section 256(1) of the Income-tax Act, 1961 ('the Act'), in connection with the assessment year 1976-77. The question referred for consideration of this Court is : Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is correct in law in holding that the assessee is eligible for exemption under section 54(1) of the Income-tax Act, 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... antial sum of ₹ 29,000 through a cheque. The stipulation in the agreement was that a further sum of ₹ 11,000 would be paid soon and the balance of ₹ 7,000 would be paid on delivery of possession. From the facts on record, it would appear that the vacant possession of the house property was delivered on 10-8-1976, on which date, the amount of ₹ 11,000 was paid. In other word ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atter need not be decided on the basis as to when the property was sold in favour of the assessee. The expression 'purchased' would undoubtedly connote the domain and control of the property given into the assessee's hands. From the facts on record, it 1s clear that, apart from the payment of substantial purchase consideration, the assessee secured possession of the property on 10-8 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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