1991 (1) TMI 74

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....on under section 256 (2) of the Income-tax Act, 1961, the assessee is requesting this court to direct the Tribunal to state the following five questions : "(a) Whether, on the facts and circumstances of the case, the Tribunal is legally justified in reversing the order of the Appellate Assistant Commissioner and restoring the order of the Income-tax Officer estimating the value of the property ....

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....against the disclosed valuation of Rs. 1,50,000 the fair market value?" The main controversy relates to the determination of the value of the asset as on January 1, 1964 (the question arose in the matter of determining the capital gains). The assessee stated a particular valuation as on the said date supported by the report of a registered valuer. The Income-tax Officer did not accept the same.....