( 1 ) THE Income-Tax Appellate Tribunal, bangalore Bench has referred the following question of law for our opinion under section 256 (1) of the Income-Tax Act, 1961, at the instance of the assessee :"on the facts and in the circumstances of the case, whether the Tribunal was justified in law in holding that the capital gains in respect of survey- nos. 193, 206 and 207 was assessable to tax for the assessment year 1974-75 ?"

( 2 ) THE Assessee is a HUF owning some agricultural lands in Kodihalli village situated within the urban agglomeration of the city of Banglore. Sy. Nos. 193, 206. 207/1 of the said village were acquired by the City Improvement Trust board, Bangalore, in pursuance to the preliminary Notification under Section 4 and final Notification dated 19-8-1964 issued under Section 6 by the Land acquisition Officer for on behalf of the city Improvement Trust Board (CITB ). The possession of Sy. No. 206 was taken by the LAO. , on 2i-4-l973, and sy. Nos. 193 and 207/1 on 8-11-1973.

( 3 ) IN the assessment of the assessee for the assessment year 1974-75, the income Tax Officer (ITO) brought to tax, under 'capital gains', the compensation received by the assessee in respect of

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