1992 (8) TMI 43 - HC - Income Tax

Summary

The High Court of Delhi dismissed the petition seeking a reference on whether the Income-tax Appellate Tribunal was correct in treating the income from the sale of plots by a society as 'Capital gains'. The court held that no question of law arose as the society was set up for rehabilitating refugees, and the sale of plots to outsiders was to augment funds, not for profit. The court referred to a previous judgment supporting the respondent's case and concluded that there was no intention to trade at the time of purchase, leading to the dismissal of the petition with no costs.