- (1.) By the order dated 2nd August, 2011, the following substantial question of law was framed. Whether Explanation (iii) to Section 48 of the Act can be interpreted without considering the effect of Section 49(1) Explanation and Explanation 1(i)(b) of Section 2(42A), when all three sections relate to the same subject matter of computation of capital gains on the sale of a capital asset, description of the previous owner and the period of holding of the asset by the assessee.
(2.) We have heard the counsel for the parties and thus, proceed to pronounce our decision on the aforesaid substantial question of law.
(3.) Facts are undisputed and may be noticed.;