9911796707
TMI Blog2008 (1) TMI 934X X X X Extracts X X X X X X X X Extracts X X X X ..... reference is at the instance of the revenue and it is pursuant to direction of the Supreme Court in the SLP filed by revenue against judgment of this Court dismissing an O.P. filed under section 256(2) of the Income-tax Act for compelling reference of question of law. While the revenue contended that question raised is pure question of law, counsel for the assessee contended that the question rais ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the market value determined by the Assessing Officer as on 1-4-1981 at ₹ 1 lakh and refixed by the Tribunal at ₹ 2 lakhs is too low. In fact the property was purchased by the respondent-assessee in 1974 for ₹ 65,000. There is no basis for assuming that the actual sale price was declared by the assessee because assessee was found to be suppressing sale price when the property wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the purpose of determination of capital gains is too low. We, therefore, set aside this part of the order of the Tribunal and refer the matter to the Tribunal for refixation of market value as on 1-4-1981 for determination of capital gains. The Tribunal is directed to decide the matter afresh within a period of three months from the date of receipt of copy of this judgment. The Income-tax Referenc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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