2000 (9) TMI 57

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.... been referred under section 256(1) of the Income-tax Act, 1961 (for short the "Act"), by the Income-tax Appellate Tribunal, Delhi Bench "B" (in short the "Tribunal"), for opinion of this court : "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in its conclusion that section 52(2) of the Income-tax Act, 1961, was not applicable to the assessee's....

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....present case and was wrongly invoked by the Income-tax Officer. This would mean that section 45 without reference to section 52(2) will be applicable in the present case and the capital gains will be determined at Rs. 52,500 as originally determined in the original assessment. The Income-tax Officer is directed to follow these directions." We have heard learned counsel for the Revenue. There is n....