1987 (1) TMI 28

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....this application under section 256(2) of the Income-tax Act, 1961, made at the instance of the Commissioner of Income-tax. We do not propose, to make the rule absolute for the reasons we now state, The questions proposed read thus: " (1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in confirming the decision of the Appellate Assistant Commiss....

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....xed the sum of Rs. 15,000 (as capital gains), but the Income-tax Appellate Tribunal declined to consider the sum of Rs. 15,000 as business income or profit. It concluded that the sum of Rs. 15,000 was exempt under section 47(ii) of the Income-tax Act. 1961, which reads: 47. Nothing contained in section 45 shall apply to the following transfers:-... (ii) any distribution of capital assets on ....