1997 (1) TMI 28

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....e made at the instance of the Revenue, the Income-tax Appellate Tribunal has referred the following two questions of law to this court under section 256(1) of the Income-tax Act, 1961 : "(1) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in holding that the surplus realised by the assessee on the sale of the shares and flat represente....

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....deduction in respect of long-term capital gain arising on account of the transfer of the same under section 80T(b)(i) of the Act. In view of the above stance of counsel for the parties, we hold that the Tribunal was not justified in holding that the surplus realised by the assessee on the sale of the shares and flat represented by them in Suburban Queen Co-operative Housing Society Ltd., constitut....