(Per : HONOURABLE THE ACTING CHIEF JUSTICE MR.BHASKAR BHATTACHARYA) These Appeals are ADMITTED on the following substantial question of law:
"Whether the Tribunal below committed substantial error of law in cancelling the order passed by the Commissioner of Income tax [Appeals] under Section 263 of the Income Tax Act, 1961 ["the Act"] on the ground that the view originally taken by the Assessing Officer was possible one, by totally overlooking the provision contained in Section 55[2] of the Act which requires that the income arising out of the sale of brand name should be taken into consideration for the purpose of capital gain and HC-NIC Page 1 of 2 Created On Fri Feb 19 02:25:32 IST 2016 TAXAP/2239/2010 2/2 ORDER thus, the view taken by the Assessing Officer was prejudicial to the interest of the Revenue."
[BHASKAR BHATTACHARYA, ACTING CJ.] [J.B.PARDIWALA, J.] pirzada/-
HC-NIC Page 2 of 2 Created On Fri Feb 19 02:25:32 IST 2016