ORDER :

The admitted facts are that the income tax return filed by the respondent-assessee for the assessment year 1991-92 was accepted under Section 143(1) of the Income Tax Act. After sometime, the assessing officer came to know that there was a sale agreement dated 19.06.1984 entered into between the respondent and Bank of Maharashtra to sell a building for Rs. 85,40,800 on the condition that the sale would be completed only after the five years of the agreement but before expiration of sixth year at the option of the purchaser and the purchaser can rescind the same at certain consideration. After the Bank had paid to the assessee company on 20th June, 1984 the sum of Rs.84,47,111/-, being 90% of the consideration agreed upon, the Assessee put and handed over possession in part performance of the Agreement of Sale to the Bank on 20th June, 1984 itself. By letter dated 12th June, 1990, in terms of clause 5 of the Agreement of sale dated 19.6.1984, the Bank called upon the assessee to complete the transactions and convey the property to the Bank by 18th June 1990. By a letter dated 16th June, 1993, the Assessee confirmed that the assessee company had put the premises in possession