1993 (1) TMI 20

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....eferred the following questions to this court under section 256(1) of the Incometax Act, 1961 : "(1) Whether, on the facts and in the circumstances of the case, even if gift-tax is levied on the difference between the alleged fair market value and the actual sale price, still, in law, capital gains tax also can be levied on the said amount ? (2) Whether, on the facts and in the circumstances....

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.... of section 52(1) or 52(2) of the Act had no application to the facts of the case ?" Question No. 1 has been referred at the instance of the assessee whereas questions Nos. 2, 3 and 4 have been referred at the instance of the Revenue. We need not state the facts as in view of the decision of the Supreme Court in K. P. Varghese v. ITO [1981] 131 ITR 597, questions Nos. 2, 3 and 4 are required to....