(1.) The assessee has filed the present appeal under Section 260A of the Act, challenging the order of the Income Tax Appellate Tribunal, Chennai, in I.T.A.No.659/Mds/2002 dated 16.12.2005, with respect to Assessment Year 1995-1996 dismissing the appeal of the assessee.
(2.) This appeal had been admitted on 23.06.2008, on the following two substantial questions of law:
(3.) The assessee Smt. D.Zeenath along with two other co-owners, namely, Smt. S.A.Kathija Nachial and Smt. Zubaida had originally purchased land measuring 43,596 sq.ft. at Saram Village, Pondicherry, by two sale deeds dated 11.07.1980 and 04.02.1981 for a total consideration of Rs.2,01,000/-.