COMMISSIONER OF INCOME TAX Vs. KRISHNA LAL AJMANI

JUDGEMENT

(1.) THIS reference under Sec. 256(1) of the Income -tax Act, 1961, is at the instance of the Revenue. The Income -tax Appellate Tribunal, Patna Bench, has referred the following question to this court for its opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the income from property, proposed to be transferred, should not be assessed in the hands of the assessee even though the transfer has not been effected in favour of intending purchaser by way of registered sale deed -

(2.) THE material facts are as follows :

(3.) MR . K.K. Vidyarthi, learned standing counsel for the Department, at the very outset, accepted the position that the decision of this court in Sahay Properties ' case [1983] 144 ITR 357 is applicable to this case on all fours. He nevertheless made submissions on the merits to persuade us to refer this case to a larger Bench since, as he pointed out, even the Tribunal has observed that the decision is contrary to "preponderance" of the judicial opinion expressed by the majority of the High Courts. He alternatively suggested that the hearing of this case may be deferred as the correctness of the decision of this court is under challenge before the Supreme Court in S. L. P. (Civil) Nos. 6553 -6555 of 1983 (see [1983] 143 ITR (St.) 60) in which leave has been granted on August 1, 1983, till the decision of those appeals.