2000 (5) TMI 7

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..... of the case of the present assessee in computing the capital gains from the sale of shares - Tribunal was right in law in holding that the sum of Rs. 19,982 was not taxable as the business income of the assessee from dealings in land
Judge(s) : ARIJIT PASAYAT., D. K. JAIN. JUDGMENT The judgment of the court was delivered by ARIJIT PASAYAT C. J.-At the instance of the Revenue a reference h .....

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..... of Rs. 19,982 was not chargeable to tax even as capital gains ?" So far as the first question is concerned, in view of the positive finding of fact that the assessee did not receive any amount in excess of the amount indicated in the sale deeds, the decision of the apex court in K. P. Varghese v. ITO [1981] 131 ITR 597 will be applicable. The answer, therefore, has to be in the affirmative, in .....

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