1987 (10) TMI 13

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....HU THOMMEN J.-The following two questions have been, at the instance of the Revenue, referred to us by the Income-tax Appellate Tribunal, Cochin Bench "1. Whether, on the facts and in the circumstances of the case, and in view of the fact that the Land Board not having questioned the validity of the gift to the assessee, the Appellate Tribunal is right in law and fact in coming to a different c....

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....omehow or other only treated this invalid gift as a valid gift and excluded it from the computation of the extent of the land owned or held by the Maharaja and that till now no reopening proceedings have been taken by the Land Board and that the assessee is in possession and enjoyment of the property even today. " On the basis of these facts, the Tribunal surprisingly concluded that the asset i....