COMMISSIONER OF INCOME TAX Vs. BHANODAYA INDUSTRIES

JUDGEMENT

(1.) AT the instance of the Revenue, the Income-tax Appellate Tribunal, Hyderabad Bench-A, Hyderabad, referred the following questions for the opinion of this court under Section 256(2) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), said to arise out of its order in ITA No. 208 of 1980, dated July 15, 1981, for the assessment year 1976-77 :

(2.) WHETHER, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in law in holding that capital gain has to be computed by taking one half of the sale price instead of full and deducting therefrom the cost of one half joint share to the assessee-firm ?"