( 1 ) THIS is a reference made by the Income tax Appellate Tribunal, Bangalore Bench, under Section 256 (1) of the Income Tax Act, 1961. The question of law referred for our opinion reads:"whether for purposes of Section 22 of the Income Tax Act 1961 the ownership of property is transferred only by execution and registration of sale deed and not by other acts such as delivering vacant possession and giving all rights of interest in the property including the right of realisation of rent?"

( 2 ) THE relevant facts are these: The assessment year is 1978-79. The assessee being the owner of certain industrial sheds at ahmedabad, had leased them to one Y. G. Panduranga Setty and four others, from 31-7-1974 for a period of 98 years on an annual rent of Rs. 35,000-00. The assessee with the consent of the lessee entered into an agreement on 1st September 1975 with a partnership firm styled Lakshmi Commercial corporation for the sale of the property for a consideration of Rs. 4,20,000-00. In part performance of the agreement, the assessee delivered vacant possession of the property to lakshmi Commercial Corporation giving the firm all rights, title and interest which the assess