COMMISSIONER OF INCOME TAX Vs. SURESH CHANDRA DAYABHAI

JUDGEMENT

(1.) THIS is an application under S. 256(2) of the IT Act, 1961 at the instance of the Revenue and the following questions have been framed for calling a reference from the Tribunal:

(2.) THE Tribunal, after considering the matter, came to the conclusion that the sale of the plot of land which was allotted to the assessee by the MPAKVN to MPE Bellies India Ltd., was in the nature of a capital receipt and, accordingly, held it to be capital asset. The Department's contention was that it was not capital asset as defined in S. 48(2) of the Act, but it should be covered under S. 14 (f) of the Act, from other sources.

(3.) IN our opinion, the view taken by the Tribunal appears to be justified and this is not a fit case in which statement of the case should be called for from the Tribunal.