COMMISSIONER OF INCOME TAX Vs. RANJIT SINGH

JUDGEMENT

(1.) IN these three references at the instance of the Revenue, the Income -tax Appellate Tribunal/ Delhi (for short 'the Tribunal') has referred under Section 256(1) of the Income -tax Act, 1961 (for short 'the Act'), the following question for our opinion :

(2.) NO one appears for the assessed. We have accordingly heard Mr. Ajay Jha, learned counsel for the Revenue, As is evident from the format of the question itself, the issue arising for consideration is as to whether the lands in rural areas of Union Territory of Delhi constitute capital asset within the meaning of Section 2(14)(iii)(a) of the Act and exigible to capital gain tax on its transfer.

(3.) IN view of the said decision, the question referred is answered in the negative, i.e., in favor of the Revenue and against the assessed.