- (1.) We have heard Shri Shambhu Chopra for the revenue. Shri Faneesh Misra entered appearance on behalf of heirs and legal representative of the respondent assessee.
(2.) The substitution application was allowed on 26.7.2012 bringing on record the heirs of Shri Devendra Pal Singh-the assessee, who died in the year 2003.
(3.) The Income Tax Appellate Tribunal, Delhi Bench 'A', New Delhi has referred the following two questions of law in Reference No.116 DEL/98 arising out of the order of the Income Tax Appellate Tribunal dated 28th November, 1997 in ITA No.4994/DEL/92 relevant for the assessment year 1991-92 as follows:- "1. Whether, on the facts and in the circumstances of the case, Hon'ble ITAT was legally justified in confirming the order of ld. CIT (a) in directing that surplus amount of sale of land is assessable as long term capital gain and not as an adventure in the nature of trade. 2. Whether, on the facts and in the circumstances of the case, Hon'ble ITAT is justified in upholding the order of ld. CIT (A) in directing the AO to ascertain the cost of land as on 1.4.74 and deduct the same to work out the capital gain -;