1996 (11) TMI 39

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.... court for its opinion : " (i) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal, was right in law in quashing the reassessment proceedings under section 147(a) read with section 148 of the Income-tax Act by holding that the assessee had disclosed fully and truly all material facts necessary for framing of the assessment for the assessment year 1982-83 ? (ii) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that the transactions in land entered into by the assessee did not involve ' transfer ' within the meaning of section 2(47) of the Income-tax Act, so as to attract liability to tax in respect of business profits/capital ....

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.... not the questions arising from the order of the assessing authority or the first appellate authority. We find substance in the submission made by counsel for the assessee. Before the Tribunal, the case of the assessee as well as the Revenue was that the transactions entered into by the assessee resulted in capital gains. It was not the case of the Department before the Tribunal that it attracted liability to tax in respect of business profits. Rather, the argument raised by Mr. Home Rai Khan, learned Departmental representative, before the Tribunal was that for the reasons recorded the belief of income escaping assessment had been formed as a consequence of the agreement for transfer of the land, resulting in capital gain. On the basis ....