1983 (9) TMI 8 - HC - Income Tax

Summary

Issues involved: Writ petitions filed by the Income-tax Officer and the assessee regarding the computation of capital gains and jurisdiction of the third member of the Income-tax Appellate Tribunal.

Summary:
The writ petitions involved in this case concern the computation of capital gains and the jurisdiction of the third member of the Income-tax Appellate Tribunal. The assessee sold land to the Government of India, claiming exemption from capital gains tax as agricultural land. Disagreements arose regarding the computation of capital gains, specifically the date to be considered for valuation. The Tribunal referred the matter to the third member, who entertained additional points raised by the assessee. However, the third member remitted the matter back to the original Tribunal without expressing any opinion, leading to challenges on the jurisdiction of the third member. The High Court held that the third member exceeded his jurisdiction by not giving a decision and remitting the matter back to the Tribunal. The original reference was deemed pending for disposal as per law. The Court dismissed the writ petitions filed by the assessee, as there was no deadlock due to the third member's actions, and directed the matter to be decided based on the opinions of the three Tribunal members. No costs were awarded in any of the writ petitions.