MAHARAJ SINHA,J. - (1.) THIS is a wealth -tax matter and the only question which has come up for answer at the instance of the Revenue, is as follows : 'Whether, on the facts and in the circumstances of the case, the Tribunal was justified in directing the Assessing Officer to allow the sum of Rs. 50 lakhs received as advance sale consideration in terms of the agreement dated September 22, 1986, as debt owed in computing the net wealth under Section 40(2) of the Finance Act, 1983 ?'
(2.) THE undisputed facts of this case are as follows : The assessee is a private limited company and is the owner of a property being 3, Alipore Road, Calcutta. On September 22, 1986, the said company entered into an agreement with one Satyam Properties and Finance Private Limited for sale of the said property, at Alipore, for a consideration of Rs. 3 crores. Out of the said amount of Rs. 3 crores, Rs. 50 lakhs was paid during the year ended on March 31, 1987. The intending purchaser, however, obtained possession of the land for the purpose of construction of a multi -storied building on the said land. The conveyance of the property had not been executed, however, the purchaser took steps for construction of the multi -storied building after obtaining possession. The assessment year involved in this reference is 1987 -88, and the relevant valuation date is March 31, 1987.
(3.) THE Revenue has never disputed the valuation of the said property. The valuation of the said property is Rs. 3 crores.;