BARI DOAB BANK LTD. VS COMMISSIONER OF INCOME-TAX
1991 P T D 257
[Punjab and Haryana High Court (India)]
Before V. Ramaswami, C.J. and G.R. Majithia, J
BARI DOAB BANK LTD.
versus
COMMISSIONER OF INCOME-TAX
Income-tax Case No. 88 of 1984, decided on 29/08/1988.
Income-tax--
----Reference---Profit on sale of land---Whether business profits or capital gains is a question of law fit to be referred---
Whether the profit of Rs. 8,54,141 on the sale of land made by the assessee was assessable as business profits or capital gains was a question of law fit to be referred.
B.S. Gupta and Sanjay Bansal for the Assessee.
L.K. Sood for the Commissioner.
JUDGMENT
V. RAMASWAMI, C. J.--We are satisfied that the following question of law does arise out of the order of the Tribunal:
"Whether, on the facts and in the circumstances of the case, the profit of Rs. 8,54,141 on the sale of land made by the assessee was assessable as business profits or as capital gains?"
Accordingly, we direct the Tribunal to draw up a statement of the case and refer the aforesaid question of law to this Court for its opinion.
Z.S./820/TOrder accordingly.