1992 (6) TMI 21

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....NAN J. -These are references at the instance of the Revenue. The respondent, a public limited company, is carrying on the business of plantation. In this case, we are concerned with the assessment years 1979-80 and 1980-81. During the previous years relevant to the assessment years under consideration, the assessee had sold certain worn out old rubber trees. The plea of the assessee was that it ha....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... its market value as on January 1, 1964, and that no capital gains arose out of the sale of the old rubber trees by the assessee. At the instance of the Revenue, the Tribunal has referred two questions for the years 1979-80 and 1980-81. They are as follows : For the year 1979-80 : " Whether, on the facts and in the circumstances of the case, the Tribunal is justified in holding that the sale....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r trees in question were 'capital assets', transfer of which attracted the charge to capital gains tax under section 45 of the Income-tax Act ?" Altogether there are three questions which have been referred for the decision of this court by the Tribunal for the above two years 1979-80 and 1980-81 two at the instance of the Revenue and the third at the instance of the assessee. We heard couns....