COMMISSIONER OF INCOME TAX Vs. K JEELANI BASHA

JUDGEMENT

(1.) THE interesting question of law on the backdrop of more interesting facts was referred to us.

(2.) THE question is, "whether on the facts and in circumstances of the case, Tribunal was right in law in its interpretation of the provisions of S. 2(47)(v) of the IT Act and not upholding the assessment for the entire capital gains in the assessment for the asst. year 1992 93."

(3.) EVENTUALLY , the assessee moved the Tribunal. (Eventually the assessment has undergone a change inasmuch as the assessee has successfully convinced the Tribunal to ignore Rs. 8 lakhs and has paid the capital gains only on the basis of the cash amount of Rs. 22 lakhs received by him). Therefore, we would proceed today only on the basis of Rs. 22 lakhs as the consideration received for 1/3rd of the property which was parted with by the assessee in favour of the developer during the asst. year 1992 93.