1991 (9) TMI 59

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..... -According to the petitioners, the following questions of law do arise out of the common order of the Appellate Tribunal. The Tribunal, however, refused to refer the questions for the opinion of this court and hence the petitions under section 256(2) are filed, is the argument of the petitioners : " 1. Whether, on the facts and in the circumstances of the case, any profits or gain could be sa....

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....or 41.25 cents of land belonging to the applicant along with cash of Rs. 13,750 ? 4. Whether, on the facts and in the circumstances of the case, the Tribunal is correct in law in holding that similarly in the case of Sriraman Bhattathiripad, the market value of the land measuring 50 cents received by him from Sri Sankaranarayanan Bhattathiripad would be the consideration from which the cost of ....

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....in lieu of the asset he parts with, namely, money or money's worth and, therefore, the very asset transferred or parted with cannot be the consideration for the transfer. It follows, that the expression 'full consideration' in the main part of section 12B(2) of Indian Income-tax Act, 1922, cannot be construed as having a reference to the market value of the asset transferred but the expression mea....