1987 (6) TMI 3

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....e instance of the Revenue, the following two questions of law have been referred to this court for its decision : "(1) Whether, on the facts and in the circumstances of the case, the method of valuation of old rubber trees adopted by the Tribunal for the purpose of computation of capital gains is legally correct ? (2) Whether, on the facts and in the circumstances of the case, the Appellate ....

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....art from the said view. The Appellate Tribunal, by its order dated April 9, 1981, adverted to the decision of the Commissioner of Income-tax (Appeals). It was held that the value of the old rubber trees as on January 1, 1954, is covered by the order of the Tribunal in the assessee's case for an earlier year and it should have been much more than that on the date of sale. In this view of the patter....

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.... at Rs. 50 per tree. If this be so, the basis on which the Appellate Tribunal held that the decision of the Commissioner of Income-tax (Appeals) fixing the value of the trees at Rs. 50 per tree as on January 1, 1954, is justified, is non est. On this basis, we have necessarily to hold that, in the matter of valuation of old rubber trees as on January 1, 1954, the basic factor regarding the value a....