2003 (7) TMI 730

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....rred the following question of law under section 256(1) of the Income-tax Act, 1961 (for short the 'Act') : "Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that it is true that the long-term capital gains arising on the sale of the property has to be taxed at the rate of 20% as provided in section 112(1)(a)(ii ) of the Income-tax Act and not at the rate of 60% as provided in section 113 of the Income-tax Act ?" In I.T.A. No. 97 of 1999 notice was ordered on the following two questions of law :- "1. Whether, on the facts and in the circumstances of the case, and in the light of the finding that the capital gains arising on the sale of the property has been rightly included in the ....

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.... the Act. It would appear from paragraph 3 of the said order that the Departmental representative agreed to the above view being taken. 3. As already noted the Tribunal in I.T. (S&S) A. No. 51/Coch./97, which is the subject matter of I.T.A. No. 97 of 1999 has only followed its earlier decision in the miscellaneous petition mentioned above. 4. Sri P.K.R. Menon, learned Senior Counsel (Government of India) Taxes appearing for the Revenue in both the cases submitted that the Tribunal did not consider the question regarding the rate of tax applicable on long- term capital gains in a block assessment under section 158BC of the Act. Counsel also pointed out that the Tribunal had clearly stated that the Revenue had contended that the rate of....