TMI Blog2004 (6) TMI 25X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee challenging the levy of capital gains tax on the transfer of its manufacturing unit on the basis that it was a slump sale would not attract the levy of capital gains tax, is pending before the Tribunal, on determination of the said question regarding the liability of the assessee to pay the tax on the transfer of the assets, the question regarding quantum of amount of capital gains need not be gone into. We are, therefore, of the view, the interest of justice would be met by setting aside the order of the Income-tax Appellate Tribunal which is adverse to the interest of the Revenue and remit the matter to the Appellate Tribunal - - - - - Dated:- 21-6-2004 - Judge(s) : N. V. BALASUBRAMANIAN., M. THANIKACHALAM. JUDGMENT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... levy of tax under the head "Capital gains". The Commissioner of Income-tax (Appeals) dismissed the appeal and as against the order of the Commissioner of Income-tax (Appeals), the assessee has filed an appeal before the Income-tax Appellate Tribunal and it is stated that the said appeal is pending and is likely to be taken by the Income-tax Appellate Tribunal for hearing in the month of July, 2004. The Commissioner of Income-tax, Tamil Nadu, while the appeal was pending before the Commissioner of Income-tax (Appeals) exercised his power of revision under section 263 of the Act and held that the sale consideration should be taken as Rs. 5.97 crores instead of Rs. 3 crores and the addition of a sum of Rs. 3 crores only as sale consideration ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal held that the sale consideration should be taken as Rs. 3 crores instead of Rs. 5.97 crores for the purpose of levy of capital gains tax. This court has admitted the appeal and the following substantial question of law has been framed for consideration: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is right in law and had valid materials to hold that the consideration for the purpose of computing the capital gains should be taken at Rs. 3 crores and that the Commissioner of Income-tax should not have directed the Assessing Officer to replace Rs. 3 crores by Rs. 5.97 crores?" At the time when the appeal was taken up for hearing, Mr. V. S. Jayakumar, learned counsel appearing for the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ermissible for the Tribunal to go into the said question as the said finding has become final as against the assessee. We make it clear that the question for remand is with reference to the quantum of amount of capital gain, if it is found that the transfer of the unit by the assessee would attract the levy of capital gains tax and the Tribunal is directed to decide the question in accordance with law. We also make it clear that, since we are remitting the matter to the Tribunal, we have not decided the question on the merits of the case as to the quantum of the amount of capital gains. Accordingly, the appeal is disposed of with the direction to the Appellate Tribunal to consider the appeal preferred by the assessee against the revisio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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