1992 (2) TMI 72

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.... dated August 29, 1952, Bhagubhai Chunilal had bequeathed the ground floor of his bungalow in favour of his widowed daughter-in-law, Subhadhrabai, and her daughter, Nirupamaben, and created a right of residence therein during their lifetime. After their death, the property was to go to his three sons. During the assessment year 1982-83, the mother and the daughter surrendered their respective life....

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....e appellant, when she acquired the life interest. The Commissioner was also of the opinion that the Income-tax Officer erred in showing the market value at Rs. 10,000 as on January 1, 1964, as the market value of the life interest in 1964 was certainly more than its value in 1982 when it was surrendered. The Revenue went in appeal to the Tribunal. The Tribunal held that the assessee had not acq....

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....llate Tribunal is right in law and on facts in deleting the capital gain of Rs. 73,800 ? " The Tribunal refused to refer the question holding that no referable point of law arises out of its order. What is submitted by learned counsel for the applicant is that the finding of the Tribunal that the computation provisions clearly failed in this case and, therefore, no capital gains tax could ha....