1981 (5) TMI 66

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....bsp;                                                      Raising an issue, which is not res-integra, the Revenue has filed this app....

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....erence of Rs. 4,554 (Rs. 14,000-Rs. 9,446) was treated by the ITO as income of the assessee resulting from sale of goods and that was accordingly taxed. The assessee went up in appeal to the AAC. He having relied on CIT vs. Hind construction Ltd. (1972) 83 ITR 211 (SC), took the view that there was no sale and no profits accrued to the assessee for being taxed. He observes that the assessee simply....

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.... has come up in appeal to the Tribunal. We straightway agree with the view of the AAC. To the facts of the instant case, the decision of the Hon'ble Supreme Court 83 ITR 211 is squarely applicable and the AAC rightly relied thereon. From the said decision, it is clear that on the facts and circumstances of the case, there was no sale at all and no profits accrued to the assessee. The Supreme Court....

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.... 4,554 was taxable as business income/short term capital gains. Shri Ranka, the ld. counsel for the assessee strongly opposed this ground. He says that this issue was never raised before the AAC and, therefore, the Revenue cannot agitate this ground for the first time before the Tribunal. The Ground No. 3 appears to be wholly mis-conceived. The only question before the AAC was whether there was sa....