A.K.MENON, J. - (1.) This appeal under Section 260A of the Income Tax Act, 1961(the Act) assails the order dated 30 th August, 2001 passed by the Income Tax Appellate Tribunal (Tribunal). The appellants are heirs of the original assessee -appellant ("the appellant"). The impugned order relates to Assessment Year 1989 -90.
(2.) This appeal was admitted on 1 st April, 2004 on the following substantial question of law: - "Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in coming to the conclusion that the capital gains arising to the appellant on the transfer of the impugned plot of land vide agreement dated 29 th November, 1988 is short term capital gains and not long term capital gains as contended by the appellant -
(3.) The revenue was represented at the time of admission and even waived service. However none appears today for the Revenue. The revenue has also not filed any affidavit in reply.;