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JUDGMENT Kalyan Jyoti Sengupta, CJ. - This appeal is directed against a portion of the judgment and order of the learned Tribunal dated March 22, 2012, in relation to the assessment year 2003-04 on the following suggested questions of law : "1. On the facts and in the circumstances of the case, whether the Income-tax Appellate Tribunal is legally correct in relying on the decision of the Bombay High Court in the case of Chaturbhuj Dwarkadas Kapadia reported in [2003] 260 ITR 491 (Bom) to hold that the capital gains arise in the year of entering into development agreement, though the facts are distinguishable ? 2. On the facts and in the circumstances of the case, whether the Income-tax Appellate Tribunal is legally correct in relying on its own decision in the case of Dr. Maya Chenoy v. Asstt. CIT reported in [2009] 124 TTJ (Hyd) 692 though such decision is appealed against by the Department, to hold that the capital gains arise in the year of entering into development agreement ? 3. On the facts and in the circumstances of the case, whether the order of the Income-tax Appellate Tribunal is perverse in not following its own decision in the case of Smt. K. Radhika in I. T. A. No. 208/ h/2011 wherein it is held that capital gains arise in the year in which there is some performance by the developer and stating in one sentence that it does not support the case ? 4. On the facts and in the circumstances of the case, whether the Income-tax Appellate Tribunal is right in law in not considering the decision of the Madras High Court in the case of R. Vijayalakshmi v. Appu Hotels Ltd. reported in [2002] 257 ITR 4 (Mad) ? 5. On the facts and in the circumstances of the case, whether the Income-tax Appellate Tribunal is correct in law in ignoring the fact that at best capital gains could be assessed only to the extent of land that is developed before the agreement is cancelled and holding that capital gains arises on the whole of the land that is involved in the development agreement ?" 2. Mr. Vasant Kumar, learned counsel appearing for the appellant, submits that almost on identical issue this court admitted an appeal, therefore, this appeal should also be admitted. 3.…

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