KANSHI RAM WADHWA Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh, has referred the following questions of law to us for our opinion :

(2.) THE assessee is an individual deriving rental income from property and income from the business of plying trucks. For the assessment year 1972-73, the assessee sold 3 trucks for a sum of Rs. 93,000. THE said trucks had been purchased by the assessee during January, 1971, i.e., during the accounting period relevant to the assessment year 1971-72 at a total cost of Rs. 79,000. THE assessee accordingly surrendered by way of revised return an amount of Rs. 14,000 to be taxed as capital gains. THE ITO, however, took into consideration the assessment order in the case of the assessee for the year 1971-72, which reads like this :

(3.) ON the second question it has been vehemently argued by Mr. Gupta that for the assessment year 1971-72 the assessee had filed a detailed return which indicates that no depreciation had been allowed to the assessee for that year and since it had not been actually determined on the basis of the material furnished by the assessee, the ITO and the appellate courts should have taken into consideration the return filed by the assessee and come to the conclusion that no depreciation was actually allowed to the assessee.