TMI Blog1992 (2) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... e Income-tax Act, 1961. The respondent is an assessee on the files of the Income-tax Officer, 'D' Ward, Trivandrum. We are concerned with the assessment year 1976-77 for which the accounting period ended on March 31, 1976. In this petition, the Revenue prays for a direction to direct the Income-tax Appellate Tribunal (in short, " the Tribunal ") to refer to this court the following three questions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee is not present. So we proceeded to decide the case on the basis of the materials available and after hearing counsel for the petitioner. The respondent-assessee transferred 4,000 shares in Nirlon Synthetic Fibre and Chemicals Ltd., by way of share capital, to a firm, Messrs. Padma Gowri, in which the assessee became a partner. The Incometax Officer took the view that capital gains aro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... keya V. Sarabhai v. CIT [1985] 156 ITR 509. The Tribunal considered the matter in detail and, by an order dated May 6, 1987 (annexure D), held that there is a mistake in the order passed by the Tribunal and concluded that no capital gains arose out of the transfer of shares by the assessee to Messrs. Padma Gowri. It is there after that the Revenue filed an application under section 256(1) of the I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated May 6, 1987, in M. P. No. 25/(Coch.) of 1986. The entire controversy centred round the question as to whether the decision of the Supreme Court in Kartikeya V. Sarabhai's case [1985] 156 ITR 509, is applicable to the instant case. Even so, the further question as to how the said decision should be applied on the facts of this case necessarily arises for consideration. It is still relevant. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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