ASBESTOS CEMENT LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) BY this reference under S. 256(1) of the IT Act, 1961, the following three questions have been referred to this Court for opinion :

(2.) THE first two questions were referred by the Tribunal under S. 256(1) of the IT Act, 1961 (for short, "the Act"). The third question has been referred in pursuance of the direction of this Court issued under S. 256(2) of the Act on a notice of motion taken by the assessee.

(3.) WE are thus left with the first two questions only. The controversy raised in these two questions pertains to the computation of capital gains on the sale of shares by a non resident. The facts of the case are in a very narrow compass which, briefly stated, are as follows :