1996 (4) TMI 76

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..... elate to the assessment years 1983-84, 1984-85 and 1985-86. The respondents are the legal heirs of an individual assessee. The original assessee purchased land admeasuring 3.73 acres in Fort Cochin in February-March, 1982, for a consideration of Rs. 21.26 lakhs which would work out at the rate of Rs. 5,700 per cent. Out of the above, the assessee sold 1.21 acres in March, 1982. From the remaining .....

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..... r came to the conclusion that the land was sold at the rate of Rs. 12,951 per cent and not at the rate of Rs, 8,000 as declared by the assessee. The Income-tax Officer assessed the capital gains on the above basis for each assessment year. On appeal, the Commissioner of Income-tax (Appeals) affirmed the above finding. The assessee filed second appeal before the Tribunal. The Tribunal accepted the .....

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..... not be necessary to refer all the questions as required by the Revenue. The Tribunal shall state a case and refer the following questions of law for the opinion of this court under section 256(2) of the Income-tax Act, 1961 : " 1. Whether, on the facts and in the circumstances of the case, was the Tribunal right in law and fact in holding that in spite of the assessee acknowledging receipt of R .....

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