2011 (11) TMI 257

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....nt : Mr.C.Manishankar   JUDGMENT   P.JYOTHIMANI, J.   The above tax case appeal is preferred by the Revenue against the impugned order of the Income Tax Appellate Tribunal dated 21.01.2003 passed in ITA No.583/Mds/1994 for the assessment year 1989-90, which was admitted on the following substantial questions of law:   "1. Whether on the facts and in the circumstance....

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....rm originally consisting of eight persons, viz., 1. P.Obul Reddy, 2. Mrs.P.Meenakshi, 3. Mrs.P.Vijayalakshmi, 4. Mrs.P.Preetha Reddy, 5. Mr.S.R.Jiwarajka, 6. Mrs.Lakshmi Devi Jiwarajka, 7.Mr.Rajendra Prasad Khaitan and 8. G.K.Jiwarajka was constituted on 01.08.1977; out of whom four persons, viz., Mr.Rajendra Prasad Khaitan, 2. Mrs.Lakshmi Devi Jiwarajka, 3. Mr.Gopal Kumar Jiwarajka and 4. Mr.S.R.....

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....ding that with effect from 01.04.1988 considerable change has been brought in Section 45(4) of the Income Tax Act in the provision of Capital Gains Tax and on that basis, the retirement was already very much within the ambit of Section 45(4) of the Act.   5. It was against the order of the Commissioner of Income Tax (Appeals), the assessee preferred an appeal before the Income Tax Appellat....

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....ied upon by the Income Tax Appellate Tribunal in the impugned order is absolutely having no relevance to the facts of the present case, which is based on Section 45(4) of the Income Tax Ac, 1961, which came into effect by way of amendment dated 01.04.1988.   7. In such view of the matter, we are of the considered opinion that the matter has to be remanded back to the Income Tax Appellate T....