( 1 ) THE question which arises for consideration in this reference is as under :

"whether on the facts and in the circumstances of the case, the Tribunal was correct in molding that the assessee had not purchased the property within one year from the date of sale of his residential house so as to be entitled to exemption u/s 54 of the income-tax Act, 1961?"

( 2 ) THE basic fact of the matter is not in dispute. The assessee sold a property, 15/16, East Patel Nagar, New Delhi, belonging to him on 3/12/1974 for Rs. 98,000. 00. By reason of the agreement of sale coupled with possession the assessee purported to have purchased a property No. 12, West Patel Nagar, New Delhi for Rs. 2,03,000. 00 on 6/2/1975. It is not in dispute that if the aforementioned transaction amounts to purchase of property, the same would be within a period of one year. The only question, which therefore arises for consideration is whether the aforementioned agreement dated 6/2/1975 would answer the description of purchase within the meaning of Section 54 of the Income-tax Act. Out of the consideration of Rs. 2,03,000. 00, the assessee admittedly at the time of entering into the aforementioned agreement