- (1.) We have heard Sri Dhananjay Awasthi for the appellant. Sri Shubham Agrawal appears for the respondent-assessee.
(2.) This Income Tax Appeal under Section 260-A of the Income Tax Act 1961 (the Act) is directed against the order dated 31.10.2012, passed by the Income Tax Appellate Tribunal, Allahabad Bench, Allahabad in I.T.A. No. 95/Alld/2011, relating to Assessment Year 2004-05. The department-appellant has framed the following substantial questions of law, for consideration:- "1. Whether ITAT has erred in law in upholding the order of CIT (A) without taking into account the fact that after conversion to free hold superior rights accrued to the assessee? 2. Whether the ITAT was justified in law in dismissing the appeal of the revenue without taking into account the fact that, the difference of period of between date of free hold and date of sale is only three days therefore short-term capital gains are to be levied 3. Whether ITAT was justified in giving relief to the assessee without taking into account the decision of V. V. Modi Vs. CIT 281 ITR page 1 4. Whether the ITAT was justified in law in ignoring the D.V.Os report regarding the Stamp Valuation."
(3.) We find that only question Nos. 1 and 2 are relevant, for the purpose of consideration.;