1989 (7) TMI 18

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....ome-tax Appellate Tribunal has referred the following question of law for the decision of this court : "Whether, on the facts and in the circumstances of the case, was the Tribunal right in law in holding that no tax on capital gains was leviable on the sale of the land in question ?" The respondent is an assessee to income-tax. We are concerned with the assessment year 1980-81. While making....

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....hereafter, at the instance of the Revenue, the Income-tax Appellate Tribunal has referred the question of law, extracted hereinabove, for the decision of this court. We heard counsel for the Revenue. Relying on the earlier decisions of this court in CIT v. T. K. Sarala Devi [1987] 167 ITR 136, followed in Income-tax Reference No. 6 of 1985 dated June 13, 1989 (CIT v. Muledath Mohammed [1990] 18....