MADATHIL BROTHERS Vs. DEPUTY COMMISSIONER OF INCOME

JUDGEMENT

(1.) THIS Tax Case (Appeal) is preferred by the assessee against the order of the Income Tax Appellate Tribunal relating to the assessment year 1987-88.

(2.) IN the grounds of appeal, the assessee raised five questions of law. Except the one on the question of capital gains arising out of the sale of an immovable property at 35, Nungambakkam High Road, Chennai, four questions of law were admitted by this Court under order dated 23. 4. 2004.

(3.) IT is stated that subsequent to the disposal of the appeal, the applicant filed M. P. Nos. 21 and 87 (MDS)/2003 before the Tribunal seeking a decision again on the question of capital gains arising thereon treated as a short-term gain and not a long term one. The appellant also sought for reconsideration on the question of loss arising from the film "kasthuri Vijayam". By order dated 1. 9. 2003, the tribunal allowed the M. P on the question of capital gains on the sale of the immovable property accepting the same as long-term capital gains. It is stated that the Revenue filed an appeal in Tax Case No. 272 of 2004. By order dated 6. 8. 2004, this Court took the view that the order of the tribunal granting the relief on capital gains amounted to review of the order earlier passed rejecting the said plea. This Court took the view that the Tribunal had no authority under law to review its order. Hence, in the said view of the matter, considering the prejudice that might be caused to the appellant herein on the question of capital gains on the sale of immovable properties, the appellant was permitted to raise the question on capital gains as a question of law for consideration along with other questions admitted earlier under order dated 23. 4. 2004.