2003 (1) TMI 48

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....supra, it can be said that only a sum of Rs. 2,00,000 was actually received by him on March 1, 1983, which was accounted for, in his books on the same day? 2. Whether, on the facts and in the circumstances of the case, was the Tribunal justified in law and fact in holding that the land measuring 2.52 acres were not actually sold for a sum of Rs. 12,591 per cent as alleged by the Revenue? 3. Whether, on the facts and in the circumstances of the case, was the Tribunal right in law in holding that the agreement dated March 1, 1983, was not acted upon either in relation to the rate of Rs. 12,951 per cent. or in relation to rental clauses found therein? 4. Whether, on the facts and in the circumstances of the case, was the Tribunal righ....

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.... to the conclusion that the land was sold at the rate of Rs. 12,951 per cent and not at the rate of Rs. 8,000 as declared by the assessee. The Assessing Officer computed the capital gains on the above basis for the assessment years 1983-84, 1984-85 and 1985-86. On appeal, the Commissioner (Appeals) confirmed the above finding. The assessee filed second appeal before the Tribunal. The Tribunal, after hearing both sides, set aside the orders and held that in the circumstances the property was sold only at Rs. 8,000 per cent. As already stated, it is on the basis of the agreement and also the receipts that the Assessing Officer fixed the land value at Rs. 12,951. The agreement is dated March 1, 1983. According to the assessee, the agreement wa....