Law:

Section:

Section 256 read with section 45, of the Income-tax Act, 1961 - Reference - Question of law - Whether when Tribunal deleted from total income of assessee, capital gains arising out of sale of certain land, a referable question of law arose - Held, yes Facts During the previous year relevant to the assessment year 1980-81, the assessee sold certain land and thereby earned capital gains. The assessee contended that the amount of said capital gains was not taxable. The ITO, however, included the amount of said capital gains in the total income of the assessee for that year. On appeal, the Commissioner (Appeals) reversed the ITO's order. The Tribunal not only upheld the order of the Commissioner (Appeals), but also refused to make reference on the ground that no question of law arose. On an application for reference under section 256(2): Held In the present case, a question of law did arise and, thus, the Tribunal was directed to state the case and to refer the question of law for opinion. R.C. Mukati for the Applicant. Chaphekar and Samvastsar for the Respondent. ORDER 1. This is an application under section 256(2) of the Income-tax Act, 1961 ('the Act'). 2. The material facts giving rise to this application, briefly, are as follows : While framing assessment of the assessee for the assessment year 1980-81, the ITO did not uphold the contention of the…

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