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7. Pursuant to the agreement of sale dt. 31st Aug., 1988, the purchaser M/s Premium Estates (P) Ltd. paid the entire consideration money of Rs. 67,10,000 on different dates to the assessees as detailed in the order of the CIT(A).

8. Further, pursuant to the agreement of sale dt. 7th July, 1989 as referred to above, the Bank of Tokyo Ltd. (BOT, in short) paid consideration money of Rs. 1.40 crore to M/s Premium Estate (P) Ltd. (in short, Premium Estate) at the request of the assessees and upon confirmation by the assessees that the payments to Premium Estate are in due discharge of the purchaser's obligation towards payment of the sale price under the agreement for sale. The consideration money of Rs. 1.40 crore was paid by BOT at the request of the assessees and as per the agreement in the following manner by way of cheque favouring Premium Estate :

21. It is also pertinent to note that Premium Estate had joined itself as the Confirming Party in the agreement dt. 7th July, 1989 to sell the property in question to the BOT describing therein that the assessees had entered into an agreement for sale dt. 31st Aug., 1988 with Premium Estate for the consideration and on the terms and conditions set out therein and the possession of the property was delivered to the said Premium Estate. It is, therefore, implied that the fact of entering into agreement for sale dt. 31st Aug., 1988 with Premium Estate was duly disclosed to and brought to the Knowledge of BOT at the time of entering into an agreement for sale dt. 7th July, 1989 of the property in question and accordingly, all the consideration money were paid by BOT to Premium Estate at the instruction of the assessees. It is evident that the agreement for sale dt. 31st Aug., 1988 with Premium Estate has found its place in the second agreement for sale dt. 7th Aug., 1989 implying thereby the parties to the agreement had in fact and in reality given due recognition and legal character to the agreement for sale dt. 31st Aug., 1988.

23. Again, the statement in Form No. 37-1 furnished to the appropriate authority, intending to transfer the property in question to BOT for the total apparent consideration of Rs. 1.40 crore speaks of Premium Estate having interest in the property to the extent of Rs. 72,90,000 out of the total consideration of Rs. 1,40,00,000 as well as of an agreement for sale dt. 31st Aug., 1988 with Premium Estate for consideration of Rs. 67,10,000. The appropriate authority accordingly granted certificate of having no objection to the transfer of the property in question describing Premium Estate as confirming party. The application in Form No. 34A for a certificate under Section 230A(1) of the Act has also a mention of apportionment of total consideration of Rs. 1.40 crore in the manner that the sum of Rs. 72,90,000 is payable to Premium Estate and l/3rd of the balance of Rs. 67,10,000 to each of the assessees. It, therefore, shows that the agreement for sale dt. 31st Aug., 1988 with Premium Estate had given due legal force and recognition by all the parties to the transaction of sale of property in question to the ultimate purchaser, the BOT.

24. It is also pertinent to note that in the registered sale deed executed on 18th May, 1992 by the assessees in favour of the BOT it is stipulated that the payment of consideration money have been paid to Premium Estate at the request of the assessees and it is also stated that the assessee and Premium Estates have already delivered the vacant possession of the entire property to the purchaser i.e., the BOT. It is further provided in the said deed of sale that the ground rent, municipal taxes etc. up to the date when physical possession of the property was handed over to the purchaser shall be bound and paid by the assessees and/or Premium Estate. It is, therefore, clear that Premium Estate had acquired interest or right in the property by way of entering into an agreement for sale with the assessees inasmuch as the physical possession of the property in question was delivered by the assessees to Premium Estate.