D.A.MEHTA - (1.) The appellant-assessee has proposed the following four questions: "Whether on the facts and in the circumstances of the case, Income-tax Appellate Tribunal, was right in law in confirming the addition of Rs.16,60,972/- made by the Assessing Officer as undisclosed business profit of the Block Period" Whether on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in confirming that the surplus in respect of land transaction was assessable under the head "Profits and Gains of business and profession" instead of "Capital gains" " Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal, was right in law in confirming, without taking into consideration relevant material and essential facts, the addition made by the Assessing Officer of Rs.16,60,972/- as undisclosed business profit assessable within the block period " Whether on the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in law in holding that there was "Transfer" of land in the block period "
(2.) After hearing Mr.S.N.Divatia notice was issued and in response thereto Mr.M.R.Bhatt, learned Senior Standing Counsel, appears on behalf of the opponent-revenue. After hearing the learned counsel for the respective parties, with consent, the appeal is taken up for final hearing and disposal in light of the facts narrated hereinafter. Hence, ADMIT.
(3.) The following substantial question of law arises for determination. "Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was justified in law in holding on the one hand that "there is no need to examine whether transfer has taken place or not," and yet in the same breath holding that transfer of land had taken place during the block period ";