1983 (1) TMI 38

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....ference under s. 256(1) of the I.T. Act, 1961, at the behest of the Revenue. The following three questions are referred -: "(1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in upholding the order of the Appellate Assistant Commissioner of Income-tax ? (2) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was c....

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....he properties were understated. Applying the provisions of s. 52(1) as well as of s. 52(2) of the I.T. Act, 1961, he assessed their value on the basis of the fair market value as determined by the valuer and determined capital gains on that basis. The AAC allowed the appeals filed by the assessee, and the Tribunal confirmed the appellate order. This reference arises out of this order. Now, it is w....