1987 (8) TMI 12

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....nces made under section 256(1) of the Income-tax Act, 1961 (" the Act "), at the instance of the Revenue. The relevant assessment years in Reference No. 88 of 1980 are 1973-74 and 1974-75. The assessment year in Reference No. 41 of 1980 is 1975-76. In Reference No. 89 of 1980, the relevant assessment years are 1976-77 and 1977-78. There is one common question of law involved in all these ass....

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....operty by the assessee to one Budh Singh Bapna. The sale consideration in the sale deed has been shown as Rs. 1,30,000, which was found to be understated by the Income-tax Officer as well as by the Appellate Assistant Commissioner. But the Tribunal has held that section 52(2) is not attracted since the transaction was genuine, and there is no material to show that the assessee received any additio....

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....her, on the facts and in the Circumstances of the case, the Tribunal was justified in holding that the rental income of Rs. 62,000 for the assessment year 1976-77 and Rs. 61,354 for the assessment year 1977-78 from Umed Bhawan, Kota, were exempt under section 10(19A) of the Income-tax Act, 1961 ? Reference No. 41 of 1980: Whether, on the facts and in the circumstances of the case, the Tribun....

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....een let out, the exemption available under section 10(19A) will be available to the entire palace. No decision taking a contrary view has been cited before us. We do not find any good ground to depart from that view, when the view taken in that decision is undoubtedly a plausible view. In the case of taxing statute, a plausible view in favour of the assessee should be preferred in these circumstan....