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TMI Blog1992 (2) TMI 72X X X X Extracts X X X X X X X X Extracts X X X X ..... galow in favour of his widowed daughter-in-law, Subhadhrabai, and her daughter, Nirupamaben, and created a right of residence therein during their lifetime. After their death, the property was to go to his three sons. During the assessment year 1982-83, the mother and the daughter surrendered their respective life interests in the said property in favour of the three sons of the testator for a con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nion that the Income-tax Officer erred in showing the market value at Rs. 10,000 as on January 1, 1964, as the market value of the life interest in 1964 was certainly more than its value in 1982 when it was surrendered. The Revenue went in appeal to the Tribunal. The Tribunal held that the assessee had not acquired the capital asset in 1952 for any consideration. The assessee had neither opted f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... " The Tribunal refused to refer the question holding that no referable point of law arises out of its order. What is submitted by learned counsel for the applicant is that the finding of the Tribunal that the computation provisions clearly failed in this case and, therefore, no capital gains tax could have been levied is incorrect and, therefore, a question of law does arise. In our opinion, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e proposed question to this court, as it will be a futile exercise in view of the fact that both the Commissioner and the Tribunal have clearly recorded finding that the fair market value of the life, interest in 1964 was much more than that in 1982, And, therefore, if a proper computation had been made, there would have been no profit or gain in the hands of the assessee. Subject to the observa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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