TMI Blog2001 (6) TMI 813X X X X Extracts X X X X X X X X Extracts X X X X ..... llowing two questions have been referred to this Court for its opinion by the Income Tax Appellate Tribunal, Ahmedabad Bench 'A', under the provisions of sec. 256(2) of the Income-tax Act, 1961. 1. Whether, on the facts and in the circumstances of the case, no question of assessing profits u/s 41(2) of the Income-tax Act, 1961 in the hands of a holding company arises in case of sale by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... favour of the revenue and against the assessee whereas question No. 2 has been answered in the affirmative i.e. in favour of the revenue and against the assessee. Paragraphs 20 and 21 of the said judgment, which are relevant for our purpose, are reproduced herein below : 20. Before concluding, we must note that even while not accepting the major arguments urged on behalf of the assessee, there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. Our answer to question No. 2 is in the affirmative to the above extent i.e. in favour of the revenue and against the assessee. 4. In view of the decision referred to hereinabove and as the questions, which have been referred to this court have been finally concluded, we answer question No. 1 in the negative to the extent mentioned hereinabove i.e. in favour of the revenue and agains ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
