1987 (4) TMI 25

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....questions of law, namely : " (1) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the property in question was not agricultural in the year of account ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that there was capital gain of Rs. 3,27,994 ? (3) Whether, on the facts and in the....

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....3,043 as compensation for the land and the market value thereof as on January 1, 1954, was Rs. 1,05,049, as a result of which the capital gain amounted to Rs. 3,27,994. Accordingly, the Income-tax Officer completed the assessment on a total income calculated by including the capital gain of Rs. 3,27,994. The assessee's appeal was dismissed by the Appellate Assistant Commissioner who affirmed the I....

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...., to be answered against the assessee and in favour of the Revenue. In respect of the aforesaid second question, learned counsel for the assessee contended that the Tribunal did not consider a part of the evidence which would show that the value of the property as on January 1, 1954, was in excess of Rs. 1,05,049, as a result of which the amount of capital gain has been computed at a higher fig....

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....to decide this question in favour of the assessee. The last question related to the particular assessment year in which the said capital gain had to be taxed. The Tribunal has relied on a decision of the Supreme Court in Jetmull Bhojraj v. State of Bihar, AIR 1972 SC 1363, to support its conclusion. The definition of " transfer " contained in section 2(47) of the Income-tax Act, 1961, provides ....