A.S.Venkatachalamoorthy, J.: The assessee is an individual and owned a house-site, measuring 4012 sq.ft. in S.No.B-35, Thillai Nagar, Trichy. In 1981, he agreed to sell the said land for a consideration of Rs.55,000 to Iyyappa Family Trust (Trust created by the assessee’s father-in-law for the benefit of assessee’s two children). In fact, according to him, even in 1978, the property was delivered to the Trust. The Trust passed a Resolution on 31.3.1984, resolving to deliver the machinery and furniture belonging to it at book value to the assessee and the same is to be adjusted against the sale consideration of the said plot. The assessee’s claim is that the sale consideration was received on 31.3.1984 itself by way of book adjustment. On 10.4.1984, another agreement was entered into between the assessee and the Trust recording payment of full consideration and agreeing that the assessee would effect registration of the sale deed whenever required by the Trust and at any rate before 31.3.1989 to the beneficiaries jointly. The sale deed, as such, was executed on 22.11.1989 by the assessee in favour of the Trust, which mentioned the sale consideration as Rs.55,000 however, the stamp d

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