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<h1>Kerala HC dismisses 'karta' petition on capital gains tax for agricultural land acquisition</h1> <h3>AS Guna Shenoy (HUF) (Son Of Late AL Sreedhara Shenoy) Versus Commissioner Of Income-Tax And Others</h3> The Kerala HC dismissed the petition of the 'karta' of an undivided family regarding income-tax assessment for 1972-73 on agricultural land acquisition, ... Capital Gains The Kerala High Court dismissed the petition of the 'karta' of an undivided family regarding income-tax assessment for the year 1972-73 on the acquisition of agricultural lands, stating that capital gains tax is applicable even on agricultural lands based on previous court decisions. The petition was found to be without merit, and no costs were awarded. (Case citation: 1990 (12) TMI 26 - KERALA High Court)