9911796707
TMI Blog1996 (9) TMI 112X X X X Extracts X X X X X X X X Extracts X X X X ..... o. 39(M) of 1979, the Income-tax Appellate Tribunal (for short, "the Tribunal"), has referred the following question under section 256(2) of the Income-tax Act, 1961 (for short, "the Act"), for opinion of this court : " Whether, on the facts and in the circumstances of the case and on a proper construction of section 2(47), section 45 and section 48 of the Income-tax Act, 1961, capital gains was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, therefore, held that there could be no question of ascertaining the profits under section 41(2) of the Act and long-term capital gains at the hands of the assessee at that juncture and that question would only arise when the said quantum was actually determined as being receivable by the assessee on the basis of the Government's adjudication. Accordingly, he deleted the addition made to the tot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gains and assessment ought to have been made. On the other hand, Mr. K. K. Dey, learned counsel appearing on behalf of the assessee-company, refutes the submission. According to him, the amount having not been determined, the question of determination of capital gains does not arise. On the rival contentions of the parties it is to be seen whether the order passed by the Tribunal was just and p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n (1) of section 9 to be served in such manner as may be prescribed on the owner of the land, and also on the tenant or the occupant in cases where the owner is not in occupation of the land and also a notice to the same effect stating that claims to compensation for all interests in the land may be made to him within such time as may be prescribed. As per section 10 of the 1964 Act, when an order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e manner prescribed under section 10. But before determination of the amount, the determination of capital gain does not arise. It will be determined only when the amount is determined. In view of the above, we find that the Tribunal was justified in passing the order. Accordingly, we answer the question in the affirmative, in favour of the assessee and against the Revenue. A copy of this judg ..... X X X X Extracts X X X X X X X X Extracts X X X X
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