NARENDRA KUMAR SINGH Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) BY this application under Section 256(2) of the Income-tax Act, 1961, the assessee is requesting this court to direct the Tribunal to state the following five questions :

(2.) THE main controversy relates to the determination of the value of the asset as on January 1, 1964 (the question arose in the matter of determining the capital gains). THE assessee stated a particular valuation as on the said date supported by the report of a registered valuer. THE Income-tax Officer did not accept the same. Though the Income-tax Officer's order was reversed in appeal by the Appellate Assistant Commissioner, the Income-tax Officer's order was restored in appeal by the Tribunal. THE Tribunal was impressed by the fact that, even according to the assessee, the property was valued at Rs. 1,50,000 in 1977 and if so, it cannot have the same, value on January 1, 1964. It cannot be said that the finding of the Tribunal is based on no evidence. THE income-tax reference application is, accordingly, dismissed with no order as to costs. We also may clarify that this is not a case in which a reference was made under Section 55A of the Act.