1985 (3) TMI 10

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....ces sets out four questions but later on states that the fourth question was not being referred. The result is that there are three questions referred to us which are as follows : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in accepting the assessee's claim of adjustments to the balance-sheet dated February 20, 1961, by reference to a sum of Rs. 47....

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....gust 31, 1959, was not a proprietary right and the assessee not being the owner, no capital asset was created for the assessee by virtue of those agreements and consequently no capital gain accrued to the assessee ?" At the hearing, it was brought to our notice that all these three questions are covered by the previous decisions of this court. As far as question No. 1 is concerned, it is covere....

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.... Dalmia [1987] 163 ITR 525 (Delhi)) and ITR Nos. 189 and 190 of 1975 decided on 2nd November, 1983 (CIT v. R. Dalmia [1987] 163 ITR 519 (Delhi)). The answers have been in the negative, in favour of the assessee and against the Department with tile result that the municipal value has to be taken as the annual letting value. As far as question No. 3 is concerned, it has been dealt with in another....