https://www.taxtmi.com/caselaws?id=62929 The case involved the taxability of capital gains from the transfer of agricultural land under the Income-tax Act. The Appellate Assistant Commissioner (AAC) initially ruled in favor of the assessee, exempting the capital gains from tax based on a Bombay High Court decision. However, a Third Member overturned this decision, holding that the capital gains were chargeable to tax due to a retrospective amendment. Ultimately, the revenue prevailed, and the capital gains from the sale of agricultural land were deemed taxable, contrary to the initial AAC ruling. en-us Sun, 24 Jun 1990 00:00:00 +0530 Mon, 24 Jan 2011 17:17:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62929 The case involved the taxability of capital gains from the transfer of agricultural land under the Income-tax Act. The Appellate Assistant Commissioner (AAC) initially ruled in favor of the assessee, exempting the capital gains from tax based on a Bombay High Court decision. However, a Third Member overturned this decision, holding that the capital gains were chargeable to tax due to a retrospective amendment. Ultimately, the revenue prevailed, and the capital gains from the sale of agricultural land were deemed taxable, contrary to the initial AAC ruling. Case-Laws Income Tax Sun, 24 Jun 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62929