1997 (7) TMI 111

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....is petition has been filed under section 256(2) of the Income-tax Act, 1961 (for short the Act), by the Commissioner of Income-tax, seeking a mandamus to the Income-tax Appellate Tribunal, Chandigarh, to refer the following question of law stated to be arising from the order of the Tribunal : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law i....

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....sessee had transferred/sold 950 equity shares of face value of Rs. 25 showing capital gain at Rs. 1,51,169 and Rs. 10,125-4 per cent. irredeemable non-cumulative preference shares with cost of acquisition at Rs. 45 each at sale price of Rs. 30. The Income-tax Officer, not satisfied with the cost of acquisition taken by the assessee at the rate of Rs. 45 per share, in respect of irredeemable non-cu....

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....6, while allowing relief in respect of deduction under section 80T, confirmed the Assessing Officer's action in the working out of capital gains. Not satisfied with the findings of the Commissioner of Income-tax (Appeals), the assessee filed a second appeal before the Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh, which vide its order dated April 20, 1992, allowed the assessee's a....

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....aw stated to be arising from the order of the Tribunal. The assessee is not present despite service. Learned counsel for the Department has been heard. Mr. R. P. Sawhney, senior advocate, has contended that the Tribunal has not appreciated the legal position as per section 80AB wherein it has been provided that the net amount of income assessable under a particular head has only to be considere....