COMMISSIONER OF INCOME TAX Vs. VIMAL LALCHAND MUTHA

JUDGEMENT

(1.) The Revenue is in appeal against an order of a Division Bench of the High Court at Bombay rejecting its application under Section 256 (2) of the income Tax Act. The questions, which the revenue sought reference of, read thus :

(2.) Learned counsel for the Revenue fairly states that it would suffice if the only question that was considered was Question (c).

(3.) The High Court briefly set out the facts and held that the Tribunal had rightly come to the conclusion that the assessee's capital gains were long term capital gains and that, in view of these facts and the findings recorded by the Tribunal, there was no statable question of law. We are not inclined to agree with the view taken by the high Court. A question of law does arise in Question (c) in that it relates to the correct interpretation to be placed upon the agreements that were entered into by the assessee.