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TMI Blog1986 (5) TMI 27X X X X Extracts X X X X X X X X Extracts X X X X ..... ness of colonisers in the Union Territory of Delhi and is hereinafter referred to as " the assessee ". The assessee purchased 143 bighas and 10 biswas of land for Rs. 87,930.44 and the land was sold through M/s. DLF Housing & Construction P. Ltd. for Rs. 1,19,583.30 resulting in a surplus of Rs. 31,653. This surplus arose in the assessment year 1965-66 for which the relevant previous year was the calendar year 1964. In its return for the assessment year 1965-66, the assessee returned the sum of Rs. 31,653 as its business income. However, it filed an appeal to the Appellate Assistant Commissioner and prayed that the sum of Rs. 31,653 should be excluded from the assessment urging that the transaction was not one in the course of business and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the Tribunal has referred the following questions of law for the opinion of this court : " 1. Whether, on the facts and in the circumstances of the case, the surplus of Rs. 31,653 realised on sale of land was rightly assessed to tax as assessee's business profit ? 2. Whether, on the facts and in the circumstances of the case, the rejection of the assessee's claim that the surplus of Rs. 31,653 was agricultural income within the meaning of section 2(1)(a) of the Income-tax Act, 1961, and hence exempt from tax, was valid in law ? " In paragraph 3 of the statement of the case, the Tribunal has again observed that in the appeal it had been conceded that the facts for this assessment year on this issue were not materially different from t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that the Tribunal's assumption that the facts were not materially different in the two assessment years is incorrect. He pointed out that the surplus that came up for consideration in the assessment years 1961-62, 1963-64 and 1964-65 arose as a result of acquisition of certain lands which had been purchased by the assessee under the Land Acquisition Act. On the other hand, so far as the present assessment year is concerned, he pointed out, the surplus arose as a result of land purchased, plotted into house sites and sold through the medium of another company by the assessee. He submitted that, whatever may be the position in respect of the surplus which arose out of the land acquisition, the position would be totally different in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the same as those in the assessment year 1963-64. This is made clear in the appellate order of the Tribunal. Again, at the time of preparation of the draft statement of the case, no attempt was made on behalf of the Department even to mention that the facts and circumstances in this assessment year were different but more in favour of the Department than they were in the earlier years. Here again, the statement that the facts were the same as those in the earlier years has gone unchallenged and the statement has been placed before us as an agreed statement of facts. It is a well-settled proposition that a reference in income-tax matters is on a question of law and that this question of law has to be answered by the High Court on the basi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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