Per Shri B.V. Venkataramaiah, Accountant Member - The AAC's order was served on the assessee on 16-9-1981. The appeal was due on 15-11-1981. The appeal memo was despatched by the assessee's counsel on 16-11-1981 and was received in the Tribunal Office on 18-11-1981. There was a delay of 3 days. The assessee's counsel has explained that the delay was due to him, and in the circumstances, the delay in the filing of the appeal is condoned.

2. The assessee entered into an agreement for the purchase of a truck with one Mr. Patel for Rs. 17,151. Full payment was made on the same day, but the truck was registered in the assessee's name by the RTO on 30-4-1974. On 16-5-1976, the assessee entered into an agreement to sell the truck to one Altaf Hussain Syed Karim for Rs. 21,500. Rs. 10,000 was received on the day of the agreement and the balance was to be received in instalments of Rs. 1,000 per month. The truck was put in possession of the purchaser on 16-5-1976. The last instalment was paid on 9-4-1977. The truck was, however, registered in the name of Altaf Hussain by the RTO on 1-2-1977. The contention of the assessee is that the agreement stipulated that the sale receipt was to be