TMI Blog1992 (6) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... c limited company, is carrying on the business of plantation. In this case, we are concerned with the assessment years 1979-80 and 1980-81. During the previous years relevant to the assessment years under consideration, the assessee had sold certain worn out old rubber trees. The plea of the assessee was that it had incurred loss in the transaction. The Income-tax Officer rejected the said plea. H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sale of the old rubber trees by the assessee. At the instance of the Revenue, the Tribunal has referred two questions for the years 1979-80 and 1980-81. They are as follows : For the year 1979-80 : " Whether, on the facts and in the circumstances of the case, the Tribunal is justified in holding that the sale price of a rubber tree cannot be more than the fair market value as on January 1, 196 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l gains tax under section 45 of the Income-tax Act ?" Altogether there are three questions which have been referred for the decision of this court by the Tribunal for the above two years 1979-80 and 1980-81 two at the instance of the Revenue and the third at the instance of the assessee. We heard counsel. In the light of the former Bench decisions of this court in Kanthimathy Plantations Pvt. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the view that the said question is academic and we need not answer the said question since, on the larger canvas, we have held that when old worn out rubber trees were sold, no question of capital gain arises. We decline to answer the only question referred to this court at the instance of the assessee. The references are disposed of as above. A copy of this judgment under the seal of this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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