9911796707
TMI Blog2000 (9) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... der of the Appellate Tribunal in I. T. A. No. 78 (Patna) of 1996, whereby, the order of the Commissioner of Income-tax (Appeals) was reversed. In short the facts of the case are that the assessee's father, the late Shashi Bhushan Singh, had taken a land on lease from the Patna Regional Development Authority (in short "PRDA") at Mourya Lok Complex, after depositing the total bid money of Rs. 48.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... only dispute raised for consideration was whether the aforesaid amount of interest, which the assessee had received, should be treated as income from other sources or it shall be the capital gain. As per the views expressed by the Assessing Officer, such a receipt of the assessee shall be considered as capital gain whereas according to the Commissioner of Income-tax, this is the income of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st on the basis of the order of the High Court, but the aforesaid amount was never paid either in lieu of or for extinguishment of the right, title and interest of the leased land. Therefore, the Assessing Officer was not justified and correct to consider the amount of interest as capital gain. In our view, there is no substance in the submission of learned counsel. The views expressed by the Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of the right and title, there was no occasion for the High Court to fix the amount of interest and the period covering from December 28, 1981, to August, 1986. We, therefore, having regard to the submissions as noticed above, also perused the impugned order feel inclined to accept the views expressed by the learned Appellate Tribunal. In the result, therefore, this appeal is dismissed, being ..... X X X X Extracts X X X X X X X X Extracts X X X X
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