TMI Blog1998 (4) TMI 107X X X X Extracts X X X X X X X X Extracts X X X X ..... ion for the opinion of this court under section 256(1) of the Income-tax Act, 1961 : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in coming to the conclusion that no capital gains had accrued to the assessee merely by reason of the fact that the Collector of Surat had declared the sale to be void ?" The relevant assessment year is 1974-75. The ret ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nds in Urban Areas (Prohibition of Alienation) Act, 1972, which prohibited alienation of land in any "vacant area" after the commencement of the Act, by way of sale, gift, exchange, etc. It was held that when the sale was void, there was no transfer and hence, no capital gains arose out of any transfer. The Tribunal taking note of the fact that the sale of land in question was null and void, which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion, shall be null and void. Therefore, the transaction in question was void ab initio and it was so declared by an order of the Collector made on March 29, 1975. Admittedly, the order of the Collector declaring that the sale transaction was null and void, was not challenged. Thus, since in the facts of this case as there was no sale transaction in the eye of law, there could be no capital gain a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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