267 situated in Sector 9 C, Chandigarh, was a self acquired property of Shri Amrit Lal, who had executed a Will whereby life interest in the aforestated house had been given to his wife and upon death of his wife, the house was to be given in favour of two sons of his pre deceased son late Shri Moti Lal and his widow.
528 in Sector 8, Chandigarh so that the sale proceeds, including capital gain, can be used for purchase of the aforestated House No.
Due to the interim relief granted in the above stated suit, the appellants companyld number execute the sale deed till the suit came to be dismissed and the validity of the Will was upheld.
The appellants had decided to sell the house and with that intention they had entered into an agreement to sell the house with Shri Sandeep Talwar on 27th December, 2002 for a companysideration of Rs.
The said house was purchased on 30th April, 2003 i.e. well within one year from the date on which the agreement to sell had been entered into by the appellants.
As the appellants had decided to sell the house in question, they had also decided to purchase another residential house bearing house No.
Thus, the appellants executed the sale deed in 2004 and the same was registered on 24th September, 2004.
153 154 of 2012 dated 29th January, 2013, these appeals have been preferred by the assessees.
Thus, the appellants are in appeal before this Court.
One of the above stated grand children and the daughter in law of Shri Amrit Lal are the appellants in these appeals.
Shakuntla Devi expired on 29th August, 1993.
Being aggrieved by the judgments delivered by the High Court of Punjab and Haryana in ITA Nos.
Shakuntla Devi, as per the Will, the ownership in respect of the house in question came to be vested in the present appellants and another grandchild of late Shri Amrit Lal.
As facts of both the appeals are similar, at the request of the learned companynsel appearing for the parties, both the appeals had been heard together.
Upon death of Shri Amrit Lal, possession of the house was given to his widow.
Out of the said amount, a sum of Rs.15 lakhs had been received by the appellants by way of earnest money.
The facts giving rise to the present litigation, in a nutshell, are as under A residential house, being House No.
1.32 crores.
His widow, Smt.
Upon death of Smt.
The validity of the Will had been questioned by Shri Ranjeet Lal, who was another son of the deceased testator Shri Amrit Lal, by filing a civil suit, wherein the trial companyrt, by an interim order had restrained the appellants from dealing with the house property.
