9911796707
TMI Blog2003 (7) TMI 730X X X X Extracts X X X X X X X X Extracts X X X X ..... Both the appeal and the reference are at the instance of the Revenue in respect of two different assessees. The Tribunal in the order impugned in I.T.A. No. 97 of 1999 has followed its earlier decision which is the subject-matter of I.T.R. No. 9/2001. In I.T.R. No. 9/2001 the Income-tax Appellate Tribunal has referred the following question of law under section 256(1) of the Income-tax Act, 1961 ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gains is at 20% as provided in section 112(1)(a)( ii) of the Income-tax Act and not at the rate of 60% as provided under section 113 of the Income-tax Act as assessed by the Officer ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that if the income for any year was below the taxable limit the same should not have been included in the undis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of tax applicable to long-term capital gains is at the rate of 20% only under section 112(1)(a)(ii ) of the Act and not at the rate of 60% as provided under section 113 of the Act. It would appear from paragraph 3 of the said order that the Departmental representative agreed to the above view being taken. 3. As already noted the Tribunal in I.T. (S&S) A. No. 51/Coch./97, which is the subject ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppearing for the respondent in both these cases. He submitted that the Tribunal did not pointedly consider this question only because of the admission made by the counsel for the Revenue before the Tribunal that the rate of tax applicable to long-term capital gains in a block assessment under section 158BC is only at 20% under section 112(1)(a)( ii) of the Act. After consi-dering the rival submiss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me of an assessment year covered by a block period where the total income is below the taxable limit. We find that this question is covered by the judgment dated 8-7-2003 in I.T.R. No. 57 of 2000 where it was held that undisclosed income below the taxable limit for any assessment year covered by the block period is not liable to be included in the undisclosed income for the block period. In the li ..... X X X X Extracts X X X X X X X X Extracts X X X X
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