Allowing the appeal of the revenue the Court held that  the Tribunal completely fell into error in passing the order dated May 31, 2010 and holding that no capital gains tax was leviable in the assessment years 2003-04 and 2004-05 and missed the basic facts altogether that it was dealing with capital gains tax liability in respect of sale of flats by the assessee-company and not on the transfer of land for joint development in December, 2000 and  the Tribunal had refused to correct what was obviously an error in facts, holding it to be an impermissible review. Court also held that   the Tribunal had erred in not going to the root of the matter and taking the help of the relevant provisions, including section 150 of the Act. The Tribunal ought to have directed the assessing authority to take the reassessment proceedings to bring to tax the admitted tax liability. The Tribunal wrongly allowed the assessee to take a changed and wrong stand before it in the first instance, that no capital gains tax was leviable for the assessment years 2003-04 and 2004-05 but for the assessment year 2001-02 and then later on holding that reassessment for the assessment year 2001-02 was time barred. Accordingly  all the orders passed by the Tribunal for all the three assessment years and the orders passed by the lower authorities for all these three assessment years, viz., 2001-02, 2003-04 and 2004-05 had to be set aside. Matter remanded to the Assessing Officer. (AY. 2001-02, 2003-04, 2004-05)