1991 (9) TMI 59

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..... out of the common order of the Appellate Tribunal. The Tribunal, however, refused to refer the questions for the opinion of this court and hence the petitions under section 256(2) are filed, is the argument of the petitioners : " 1. Whether, on the facts and in the circumstances of the case, any profits or gain could be said to arise from the exchange of two capital assets of equal value, namel .....

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..... ,750 ? 4. Whether, on the facts and in the circumstances of the case, the Tribunal is correct in law in holding that similarly in the case of Sriraman Bhattathiripad, the market value of the land measuring 50 cents received by him from Sri Sankaranarayanan Bhattathiripad would be the consideration from which the cost of acquisition of such land has to be deducted ? 5. Whether, on the facts and .....

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..... the very asset transferred or parted with cannot be the consideration for the transfer. It follows, that the expression 'full consideration' in the main part of section 12B(2) of Indian Income-tax Act, 1922, cannot be construed as having a reference to the market value of the asset transferred but the expression means only the full value of the thing received by the transferor in exchange for the .....

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