- (1.) This appeal by certificate is against the advisory judgment dated 27-9-1977 of a Division Bench of the High Court of Andhra Pradesh in Reference No. 18 of 1976, reported in (1979) 116 ITR 950 : (1978 Tax LR 170) titled Addl. Commr. of Income-tax, A.P. v. G. M. Omerkhan.
(2.) Out of the four questions referred to the High Court, only two have survived for agitation. On question No. 1, whether on the facts and in the circumstances of the case, the lands acquired by the Government were agricultural lands, the answer has been in favour of the assessee holding that the lands acquired were agricultural lands. On question No. 4, whether on the facts and in the circumstances of the case, the mere claim of the assessee for additional compensation can be taken into account for purpose of determining the capital gains derived by the assessee, has gone in favour of the assessee and against the Revenue.
(3.) The following two questions survive answered against the assessee: "2. Whether on the facts and in the circumstances of the case, the interpretation given by the Tribunal based upon the definition of 'capital asset' in Section 2(14)(iii)(a) of the Income-tax Act, 1961, is correct 3. Whether the profits or gains arising from the transfer of a 'capital asset' can be chargeable to income-tax if the transfer is effected in the previous year and if no amount is received -;