TMI Blog1987 (6) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... this court for its decision : "(1) Whether, on the facts and in the circumstances of the case, the method of valuation of old rubber trees adopted by the Tribunal for the purpose of computation of capital gains is legally correct ? (2) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is correct in holding that, when an estate with yielding rubber trees is sold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted to the decision of the Commissioner of Income-tax (Appeals). It was held that the value of the old rubber trees as on January 1, 1954, is covered by the order of the Tribunal in the assessee's case for an earlier year and it should have been much more than that on the date of sale. In this view of the patter, the decision of the Commissioner of Income-tax (Appeals) was affirmed. It is fairly e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the decision of the Commissioner of Income-tax (Appeals) fixing the value of the trees at Rs. 50 per tree as on January 1, 1954, is justified, is non est. On this basis, we have necessarily to hold that, in the matter of valuation of old rubber trees as on January 1, 1954, the basic factor regarding the value as on January 1, 1954, was wrongly assumed by the Appellate Tribunal. To that extent, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 30. In the light of the above decision, we hold that the Appellate Tribunal was justified in holding so and we answer question No. 2 in the affirmative, against the Revenue and in favour of the assessee. The income-tax reference is answered accordingly. A copy of this judgment under the seal of this court and the signature of the Registrar may be forwarded to the Income-tax Appellate Tribunal, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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