JUDGMENT
Dr. B.P. Saraf, J.
1. By this reference made at the instance of the Revenue, the Tribunal referred the following question of law to this Court under s. 256(1) of the IT Act, 1961 :
“Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the surplus realised by the assessee on the sale of share in Lands-end-Co-operative Housing Society Ltd. constituted long-term capital gains from movable property entitled to relief under s. 80T(b)(ii) of the IT Act, 1961 ?”
2. Our attention was drawn by the learned counsel for the Revenue to the decision of the Supreme Court in Ramesh Himmatlal Shah vs. Harsukh Jadhavji Joshi . It was submitted that in view of the above decision, the assessee would be entitled to deduction in respect of the surplus realised by her on the sale of share in Lands-end-Co-operative Housing Society Ltd., under s. 80T(b)(i) of the IT Act, 1961. We have perused the above decision and also the provisions of s. 80T of the Act. Considering the submission of the learned counsel for the Revenue, we answer the question referred to us as follows :
“That the Tribunal was not justified in holding that the surplus realised by the assessee on the sale of share in Lands-end-Cooperative Housing Society Ltd., constituted long-term capital gains from movable property entitled to relief under s. 80T(b)(ii) of the Act. In fact, the assessee would be entitled to relief in respect of the long-term capital gains from the transfer of the said shares under s. 80T(b)(i) of the Act.”
Question referred to us is answered accordingly. No order as to costs.