COMMISSIONER OF INCOME TAX Vs. RAKESH GUPTA

JUDGEMENT

(1.) HEARD Sri D.D. Chopra, learned counsel for the appellant and Sri Pradeep Agarwal, learned counsel for the respondent.

(2.) THE aforesaid appeals have been filed under s. 260A of the IT Act, 1961 (hereinafter referred to as "the Act" for the in Appeal No. ITA Nos. 285/Luck/2002, 143/Luck/2002 and 300/Luck/2002, respectively, for the asst. yr. 1985 -86, raising the following common question of law :

(3.) THE brief facts of the case are that the respondents, namely, S/Shri Rakesh Gupta, Ajay Gupta and Gunjan Gupta for the sale of land to the Samiti and consequently the sale deed was also prepared. They had also received a meagre and a notification under s. 4(1) of the Land Acquisition Act for compulsorily acquiring the land was issued by the State Government. The said proceedings of acquisition were challenged by the assessee, housing society and other persons upholding the acquisition proceedings. In between, certain infirmities, which were reported during the acquisition stage that in the agreement for sale, which was entered into between the respondent and the housing society on 7th of capital gain of land was not considered. Subsequently, under s. 154 of the Act, the AO revised the income of the assessee but again capital gains were not taxed. Thereafter, a notice under s. 148(1) of the Act was issued to the 1992, assessing the capital gains on sale of the land. The respondent being aggrieved by the aforesaid notice preferred an appeal before the Commissioner of Income -tax (Appeal) [hereinafter referred to as the "CIT(A)"] and the CIT(A), assessing the assessee on the same income, against which the respondent filed another appeal before the CIT(A) and observations contained therein.