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of <h1>Supreme Court refers capital gains question back to Tribunal for opinion</h1> <h3>Commissioner of Income-Tax Versus Vimal Lalchand Mutha</h3> The Supreme Court allowed the Revenue's appeal, directing the Tribunal to refer a question on capital gains from a flat sale for opinion. The High Court's ... Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in law in holding and directing the Income-tax Officer that the capital gains arising out of the sale of a flat at 112A, Mittal Towers, Nariman Point, Bombay, on April 28, 1983, to Chanrai Uttamchand, Bombay, as long-term capital gains in the assessment year 1984-85 - order under challenge must be set aside and the Tribunal directed to refer the question to the High Court The Supreme Court allowed the Revenue's appeal against a High Court order and directed the Tribunal to refer question No. (c) regarding capital gains arising from the sale of a flat for opinion. The High Court's decision was set aside as a question of law arose in interpreting the agreements entered into by the assessee. No costs were awarded.
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