Crest Hotels Ltd., Mumbai v. The Commissioner Of Income Tax, Mumbai

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO. 1389 OF 2000WITH INCOME TAX APPEAL NOS.1391 AND 1390 OF 2000. Crest Hotels Ltd., Mumbai... ......AppellantV/sThe Commissioner of Income Tax, Mumbai..........Respondent. Mr.Subhash Shetty, Adv. For the appellant.Mr.Vimal Gupta, Adv. For the respondent. CORAM:SWATANTER KUMAR, C.J. &A.P.DESHPANDE, J.DATED: 29[th] JULY 2008. PC: The present appeal is directed against the findings recorded inthe order of Income-tax Appellate Tribunal dated 28.2.2000. Thesaid findings of the Tribunal have been challenged by the assessee inthe present appeal as according to him the liability will arise onlywhen the total number of flats constructed by the assessee have beentransferred completely and fully. We do not find any merit in thiscontention. The view taken by the Tribunal is in consonance with thesettled principles of law and the tax liability of capital gains would obviously arise in the year in which even one or more flats aretransferred though without execution of conveyance, if any. In ouropinion no question of law, much less substantial question of lawarises in the present appeal. Hence appeal stands dismissed. CHIEF JUSTICE A.P.DESHPANDE, J.