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TMI Blog2005 (7) TMI 679X X X X Extracts X X X X X X X X Extracts X X X X ..... r referred to as the Act ) for opinion to this Court:- Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that Nirgam Mulya paid by the assessee was part of the bid money and therefore, was beyond the purview of section 44AC of the Income-tax Act, 1961 The present reference relates to the Assessment Year 1991-92. Briefly stated the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. Lastly, the assessee relied on the decision of the Income Tax Appellate Tribunal, Allahabad in the case of M/s Naresh Babu Suresh Chandra in I.T.A. No. 2098/Alld/1992 dated 19th March, 1993 wherein it was held that Nirgam Mulya would not form a part of purchase price for the purpose of section 44AC of the Act. However, keeping in view the explanation inserted in section 44AC of the Act w.e.f. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd Sri R. K. Upadhyaya, the learned standing counsel for the Revenue. Nobody has put in appearance on behalf of the respondent assessee. We find that in the Apex Court in the case of Union of India and another vs. A. Sanyasi Rao and others (J.T. 1996 (2) SC 425) has held that provisions of Section 44AC do not dispense with the regular assessment as provided in accordance with Sections 28 to 43C ..... X X X X Extracts X X X X X X X X Extracts X X X X
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