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of <h1>Exclusion of Capital Gains on Agricultural Land Upheld by High Court</h1> <h3>Commissioner Of Income-Tax Versus Tara Chand Jain</h3> Commissioner Of Income-Tax Versus Tara Chand Jain - [1987] 164 ITR 520, 55 CTR 106 The High Court of Patna ruled in favor of the assessee, holding that the exclusion of Rs. 33,750 taxed under 'Capital gains' by the Tribunal was legal and proper as the land in question was agricultural land and exempt from capital gains tax. The Appellate Assistant Commissioner and the Tribunal both supported this decision. The judgment was delivered by Judges Nazir Ahmad and Uday Sinha.
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