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2002 (5) TMI 16 - HC - Income TaxSale of immovable properties - capital gain - we allow this reference application and direct the Income-tax Appellate Tribunal Jaipur, to draw up the statement of facts and refer the following question of law for the opinion of this court: "Whether the learned Tribunal had material and was right in law in holding, (i) memorandum of undertaking dated January 12, 1973; (ii) reversal of entry for Rs. 2,30,000 on March 31, 1973; (iii) letting out of upper portion of Lake Shore Palace Hotels Co. Pvt. Ltd. under lease deed dated December 14, 1978; (iv) execution of cancellation deed dated October 9, 1984; (v) assessment of lease income and value of impugned property in income-tax and wealth-tax assessments by the Revenue during various years; (vi) certificate dated March 15, 1989, of Lake Palace Hotels and Motels Pvt. Ltd. are self-serving documents and the upper portion of Shiv Nivas Palace Stood transferred on June 16, 1972, making the appellant liable to capital gain under section 45 of the Act?"
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