https://www.taxtmi.com/caselaws?id=66730 The ITAT partially allowed the appeal, ruling that the CIT's decision to set aside the assessment was valid due to inadequate investigation by the ITO. The ITAT rejected the retrospective effect of the Government's notification, holding that lands sold before the notification date were not subject to the amended provisions. The ITO was instructed to reassess the agricultural status of the lands to determine the taxability of capital gains, emphasizing the importance of proper investigation and adherence to legal provisions in property transactions. en-us Fri, 15 Jul 1977 00:00:00 +0530 Sat, 05 Mar 2011 18:47:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66730 The ITAT partially allowed the appeal, ruling that the CIT's decision to set aside the assessment was valid due to inadequate investigation by the ITO. The ITAT rejected the retrospective effect of the Government's notification, holding that lands sold before the notification date were not subject to the amended provisions. The ITO was instructed to reassess the agricultural status of the lands to determine the taxability of capital gains, emphasizing the importance of proper investigation and adherence to legal provisions in property transactions. Case-Laws Income Tax Fri, 15 Jul 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66730