1981 (2) TMI 53

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.... SOHANI J.-By this reference under section 256(1) of the Income-tax Act, 1961, hereinafter referred to as " the Act ", the Income-tax Appellate Tribunal, Indore Bench, has referred the following question of law to this court for its opinion: " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that capital gains of Rs. 71,481 realised on the sale of ....

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....fter referred to as the " Taxation Concessions Order "). This contention was not upheld by the ITO on the ground that in the Taxation Concessions Order no mention had been made about exemption of capital gains. The ITO, therefore, subjected the capital gain to capital gains tax. The appeal preferred by the assessee before the AAC was dismissed. On further appeal, the Tribunal also upheld the order....

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....ide annual value of the palace of a Ruler of an Indian State which is declared by the Central Govt. as the official residence of such Ruler. The exemption could by no stretch of imagination be held to embrace income in the nature of capital gains realised on the sale of land forming part of the official residence of a Ruler. In this view of the matter, the Tribunal was justified in holding that ca....