9911796707
TMI Blog1996 (11) TMI 39X X X X Extracts X X X X X X X X Extracts X X X X ..... tatement of the case to this court for its opinion : " (i) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal, was right in law in quashing the reassessment proceedings under section 147(a) read with section 148 of the Income-tax Act by holding that the assessee had disclosed fully and truly all material facts necessary for framing of the assessment for the assessment year 1982-83 ? (ii) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that the transactions in land entered into by the assessee did not involve ' transfer ' within the meaning of section 2(47) of the Income-tax Act, so as to attract liability to tax in respec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Tribunal can be sent for and not the questions arising from the order of the assessing authority or the first appellate authority. We find substance in the submission made by counsel for the assessee. Before the Tribunal, the case of the assessee as well as the Revenue was that the transactions entered into by the assessee resulted in capital gains. It was not the case of the Department before the Tribunal that it attracted liability to tax in respect of business profits. Rather, the argument raised by Mr. Home Rai Khan, learned Departmental representative, before the Tribunal was that for the reasons recorded the belief of income escaping assessment had been formed as a consequence of the agreement for transfer of the land, resu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal were contrary to what was argued before it. The questions arising from the order of the Tribunal can only be referred. The question as to whether the transaction attracted liability to tax in respect of business profit was not argued before the Tribunal. No finding to that effect has been recorded by the Tribunal. Under the circumstances, we are of the opinion that question No. 2, as proposed by the Revenue, needs to be modified. Accordingly, we direct the Tribunal to refer the following two questions of law to this court for its opinion along with the statement of the case : "(i) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in quashing the reassessment proce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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