Law:

Section:

Section 48, read with section 55, of the Income-tax Act, 1961 - Capital gains - Computation of - Assessment year 1994-95 - Tenancy rights acquired by assessee in a property in 1977 on payment of 60 years rent in advance, had been transferred by it to a bank in 1997 for certain amount - Revenue sought to levy capital gains tax on said receipt which was disputed by assessee - On second appeal, Tribunal recorded a finding that cost of acquisition of asset was not determinable in view of of Supreme Court in CIT v. D.P. Sandhu Bros. Chembur (P.) Ltd. [2005] 273 ITR 1/ 142 Taxman 713 and remitted matter back to Assessing Officer for fresh adjudication - Assessee filed appeal against order of Tribunal - Whether since matter had only been remanded back to Assessing Officer for fresh determination and issue had not been finally determined, no substantial question of law did arise from Tribunal's order and, therefore, appeal was liable to be dismissed - Held, yes FACTS The assessee had acquired tenancy rights for a showroom in July, 1977 for a period of 60 years and the entire monthly basic rent and the parking space rent had been paid in advance. By an agreement dated 30-3-1997, the assessee transferred tenancy rights in the showroom for the remaining period to a bank and had received certain amount on account thereof. The revenue sought to levy capital gains tax on that receipt, which was disputed by the assessee. On second appeal, the Tribunal had recorded a finding that the cost of acquisition of the asset in the instant case was not determinable, keeping in view the of the Supreme Court in CIT v. D.P. Sandhu Bros. Chembur (P.) Ltd. [2005] 273 ITR 1/ 142 Taxman 713 . However, the matter was remitted back to the Assessing Officer for fresh adjudication. On appeal under section 260A : HELD In the instant case, the of the Supreme Court had been referred to in the order passed by the Tribunal. Even though the Tribunal might not have discussed the same in detail in the impugned order, however, still in terms of provisions of article 141 of the Constitution, the law laid down by the Supreme Court is binding on all the Courts/authorities subordinate to it and no Court or…

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