2008 (1) TMI 580

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....e Income-tax Appellate Tribunal, Ahmedabad Bench-C, has referred the following question at the instance of the Revenue under section 256(2) of the Income-tax Act, 1961 (for short "the Act"): "Whether, the Appellate Tribunal is right in law and on facts in deleting the addition of Rs. 1,85,93,546 holding that the amount in question represented capital gains and the said capital gains was exempt ....

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..... The assessee carried the matter in appeal before the Commissioner of Income-tax (Appeals) who dismissed the appeal on this count. 3. In the second appeal, the Tribunal accepted the stand of the assessee on the basis: (i) in the assessment order for the assessment year 1978-79 the Assessing Officer had taxed the profit on sale of investment as capital gains and not as business profit; (ii) the....

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....is an accepted fact between the parties that in the case of Sercon P. Ltd., the order of the Tribunal was carried before this court by way of Income-tax Application No. 253 of 1988 under section 256(2) of the Act and vide order dated April 16, 1990, the application was rejected refusing to direct the Tribunal to raise and refer any question of law, either as proposed or otherwise. In the fact situ....