2008 (1) TMI 391

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....red by DEEPAK VARMA J. - Sri Parthasarathi, learned counsel for the appellant on the question of admission. By perusing the records and after having heard learned counsel for the appellant we are of the considered opinion that this appeal has no substantial question of law : 2. The short facts are as under: The appellant-assessee had executed a sale deed in favour of M/s. McDowell and Co.....

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....o gain access to the property purchased by M/s. McDowell and Co. Ltd. According to the Assessing Officer, the assessee should have a sale proceeds of Rs. 2,92,00,000 which includes the right to access of Rs. 42,00,000 also, since Rs. 42,00,000 was being disclosed by the assessee as sale proceeds. In the reassessment proceedings, it was explained by the assessee that Rs. 42,00,000 received by the a....

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.... have been received by the assessee from M/s. McDowell and Co. Ltd. for use of road was considered for purposes of computing long- term capital gain. Against this finding the assessee filed the appeal before the Tribunal. The Tribunal also considered the matter from all angles and thereafter came to the conclusion that since the sale deed itself mentions with regard to right of use of the road by ....