COMMISSIONER OF INCOME TAX Vs. SETHANI GODWARIBAI

JUDGEMENT

(1.) THIS is a reference under Section 256(1) of the I.T. Act, 1961, referring for our answer the following questions of law :

(2.) IF the answer to the first question is in the negative and in favour of the revenue, whether the Appellate Tribunal is right in its conclusion that the assessee is not liable to tax on capital gains amounting to Rs. 56,462 under Section 45 read with Section 52(2) of the Income-tax Act, 1961 ? "

(3.) FOR the reasons given above, we answer the questions referred as follows :