- (1.) HEARD Sri D.D. Chopra, learned counsel for the appellant and Sri Pradeep Agarwal, learned counsel for the respondent.
(2.) THE aforesaid appeals have been filed under s. 260A of the IT Act, 1961 (hereinafter referred to as "the Act" for the in Appeal No. ITA Nos. 285/Luck/2002, 143/Luck/2002 and 300/Luck/2002, respectively, for the asst. yr. 1985 -86, raising the following common question of law : "Whether on the facts and circumstances of the case, the Tribunal was justified in law in holding that there was no 'transfer' of land from the assessee to the society and no capital gain would arise on the alleged transfer of land to the and as such, all these appeals are being decided by a common order.
(3.) THE brief facts of the case are that the respondents, namely, S/Shri Rakesh Gupta, Ajay Gupta and Gunjan Gupta for the sale of land to the Samiti and consequently the sale deed was also prepared. They had also received a meagre and a notification under s. 4(1) of the Land Acquisition Act for compulsorily acquiring the land was issued by the State Government. The said proceedings of acquisition were challenged by the assessee, housing society and other persons upholding the acquisition proceedings. In between, certain infirmities, which were reported during the acquisition stage that in the agreement for sale, which was entered into between the respondent and the housing society on 7th of capital gain of land was not considered. Subsequently, under s. 154 of the Act, the AO revised the income of the assessee but again capital gains were not taxed. Thereafter, a notice under s. 148(1) of the Act was issued to the 1992, assessing the capital gains on sale of the land. The respondent being aggrieved by the aforesaid notice preferred an appeal before the Commissioner of Income -tax (Appeal) [hereinafter referred to as the "CIT(A)"] and the CIT(A), assessing the assessee on the same income, against which the respondent filed another appeal before the CIT(A) and observations contained therein. It was also provided by the Tribunal that while framing the assessment order, the AO shall record his findings specifically on the points, i.e., (1) whether the sale deed has been registered or not and whether the sale consideration has been paid to the transferors; (2) whether the name of the housing society has been mutated in the Revenue records as owner of the land on the basis of the sale deed; (3) when the relevant notification for acquiring the land was made; (4) whether the assessee or the housing society had claimed the compensation under the land acquisition award and to whom the amount of compensation has been paid or is likely to be paid.;