2000 (5) TMI 35

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....me-tax Act, 1961 (for short "the Act"), the Revenue seeks a direction to the Income-tax Appellate Tribunal to state the case and refer the following questions, arising out of ITA No. 2843/Delhi of 1996 and said to be questions of law, for our opinion: "1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in granting the benefit of s....

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....Officer, however, denied the benefit under the said section keeping in view the provisions of section 11(4A) of the Act which was initially inserted by the Finance Act, 1983, with effect from April 1, 1984, and was later substituted by the Finance (No. 2) Act, 1991, with effect from April 1, 1992. The Assessing Officer also added to the income of the assessee that amount of earnest money forfeited....

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.... that the proposed questions are questions of law as the Tribunal has failed to take into consideration the newly inserted sub-section (4A) of section 11 of the Act with effect from April 1, 1992. Having perused the said newly inserted section we do not find any substance in the contention of learned counsel. In view of the finding recorded by the Tribunal that the assessee did not carry on any "b....