Land for agriculture not a capital asset under Income-tax Act. High Court ruling.
Commissioner Of Income-Tax Versus Pyare Lal
Commissioner Of Income-Tax Versus Pyare Lal - [1998] 231 ITR 785, 151 CTR 310 The High Court of Delhi, in a judgment delivered by Judge R. C. Lahoti, addressed two questions of law related to the assessment year 1974-75. The court ruled in favor of the Revenue, stating that the land in question, though used for agricultural purposes, did not constitute a capital asset under section 2(14) of the Income-tax Act. The court relied on previous legal precedents, including the decision in G. M. Omeran v. CIT, to support its ruling.