THE HON'BLE SRI JUSTICE B. PRAKASH RAO AND THE HON'BLE SRI JUSTICE RAMESH RANGANATHAN REFERENCE CASE No.133 OF 1996 ORDER: (Per Hon’ble Sri Justice B. Prakash Rao) Heard the Learned Standing Counsel for revenue. Though notices served, none appears for the respondent. The question, referred by the Tribunal for our opinion, reads as under: 1. “Whether, on the facts and in the circumstances of the case, the ITAT was correct in law in holding that the A.L.V. of the property of which the assessee was the legal owner cannot be assessed in the hands of the assessee u/s 22 of the I.T. Act., for the asst. years 85- 86 and 86-87?” Learned Standing Counsel would agree that the aforementioned question has been answered in favour of the assessee and against the revenue in Commissioner v. Podar Cement Pvt. Ltd[1]. Following the said judgment, the said question is answered in favour of the assessee and against the revenue. The reference case is disposed of accordingly. ______________________ B. PRAKASH RAO,J ____________________________ 15.06.2010 RAMESH RANGANATHAN,J MRKR [1] 226 ITR 625