1997 (8) TMI 59

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....he Revenue. The Revenue has raised the following two questions of law for answer by this Court by calling for the statement of the case: "(1) Whether, on the facts and in the circumstances of the case, the Tribunal had jurisdiction to allow the assessee to raise different grounds of appeal, particularly in view of the fact that the issues were not raised before the CIT(A) and the CIT(A) had not....

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....of computation of capital gains. Subsequently, the assessee filed a written reply again on 20th March, 1984, stating that the shares were received by him from the Government of India in 1971-72 and their cost price for the purpose of capital gains may be taken on the date of receipt from the Government of India. It was further offered that the value of the bonds should be taken at the original cos....

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....d excessive as the shares were received from the Government ex gratia and not by way of any gift and did not cost anything to assessee and, therefore, no capital gain was chargeable. The Revenue objected before the Tribunal that this ground cannot be adjudicated as the same was not raised nor decided before the CIT(A), but the Tribunal rejected the objection of the Revenue. However, the Tribunal h....

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....l has been decided on the basis of the opinion of the High Court of Madhya Pradesh in the case of CIT vs. H.H. Maharaja Sahib Shri Lokendra Singhji (1986) 51 CTR (MP) 146 : (1986) 162 ITR 93 (MP) : TC 22R.1065. 5. So far as the first question is concerned, the Tribunal held that this is a question of fact. As regards the second question, the Tribunal has decided the matter in the light of the d....