2001 (1) TMI 44

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....ference, at the instance of the assessee, the following question is referred for our opinion with reference to the assessment year 1974-75 : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the contribution in the partnership firm amounted to transfer within the meaning of section 2(47) of the Income-tax Act, 196 1, resulting i....

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....mination of the charge provided in section 45, such a case must be regarded as falling outside the scope of capital gains taxation altogether. Mr. Kureshi, learned counsel for the Revenue, however, invited our attention to the caveat sounded by the apex court in the penultimate Paragraph of the aforesaid decision and submitted that liberty may be reserved to the Assessing Officer to consider wh....

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....Court. We are of the opinion that there are no foundational facts on the record of this reference raising doubt regarding genuineness of the partnership firm and/or the transaction in question and, therefore, a second innings should not be permitted to the Revenue for reconsidering the entire matter, more particularly when the reference is with reference to the assessment year 1974-75. Permitting ....