TMI Blog2008 (5) TMI 256X X X X Extracts X X X X X X X X Extracts X X X X ..... registered as a company - Whether the assessee is not liable to any capital gain tax – held that above questions are question of law u/s 260A of IT Act 1961 - 8569 of 2002 - - - Dated:- 6-5-2008 - ASHOK BHAN and DALVEER BHANDARI JJ. Parag Tripathi, Additional Solicitor-General of India (Navin Prakash, Ms. Shalini Kumar, and B.V. Balaram Das, Advocates, with him) for the appellant. S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessing Officer noticed that the assessee had revalued the depreciable assets and enhanced the value at Rs.1,28,13,831/- on 31 st July 1994. It was also noticed by him that the partnership firm was converted into a company under Chapter IX of the Companies Act 1956 and was registered as such under Section 567 of the said Act on 17 th October 1994. It was further observed that while the resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l. The Tribunal accepted the appeal and set aside the orders of the Commissioner (Appeals) and that of the Assessing Officer. 5. Being dissatisfied with the order of the Tribunal, the Revenue filed the abovementioned Tax Appeal before the High Court raising the following four questions of law said to be arising from the order of the Tribunal : "(1) Whether the Income Tax Appellate Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in law and on facts of the case in directing to delete the addition of Rs.1,28,13,831/-?" 6. The High Court, by the impugned order, has dismissed the appeal by passing a short order observing, as noted above, that no question of law much less a substantial question of law arises from the order of the Tribunal. 7. We do not agree with the view taken by the High Court. In our opinion, the qu ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
