1978 (7) TMI 88

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ISH CHANDRA C.J.-The two questions referred for our opinion in R. A. No. 206 of 1974-75 raise the question whether for determining capital gains, an assessee is entitled to rely on the written down value of an asset and not the fair market value of the asset as on January 1, 1954, while determining the cost of its acquisition. This question has been specifically answered in CIT v. Upper Doab Sugar....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e directions given by the AAC the ITO made a fresh assessment by computing the capital gains and the profit under s. 41(2) of the Act, which computations are not in dispute, an appeal before the AAC against such assessment order is competent ? " It appears that the AAC made certain directions in accordance with which the ITO computed the capital gains under s. 41(2) of the Act. The assessee fil....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e remand order is incorrect. This finding is not the subject-matter of any question referred to us. On the other hand, the question referred to us specifically mentions that the computations made by the ITO were not in dispute. If the assessee wanted to challenge the finding of the Tribunal that the ITO had not done anything beyond the directions given to him, it should have, on the failure of its....