Commissioner of Income Tax vs Jaipur Golden Transport Corpn.

We have heard learned Counsel for the parties at length. We see no reason to interfere with the conclusions and findings arrived at by the Income Tax Appellate Tribunal. The Tribunal has confirmed the findings of the Commissioner of Income Tax (Appeals). One of the directions given by the Commissioner of Income Tax (Appeals) is that the Assessing Officer is at liberty to carry out necessary investigation to arrive at the fair market value of the assets on the date of transfer to the assessee for computing the capital gains (if any) within the meaning of Section 45(4) of the Income Tax Act, 1961 by taking appropriate proceedings as per law. This direction has remained undisturbed by virtue of the Tribunal''s orders which are impugned herein. Neither the revenue nor the assessee had preferred any appeal on this aspect of the matter before the Tribunal. As we see no reason to interfere with the Tribunal''s orders, the findings and conclusions arrived at by the Commissioner of Income Tax (Appeals), stand. The appeals are dismissed.