https://www.taxtmi.com/caselaws?id=70526 The Tribunal held that gains from the sale of agricultural lands within 8 kilometers of municipal limits were not taxable under Section 45 of the IT Act, 1961, as the lands were not considered capital assets at the time of sale. The notification issued post-sale did not have retrospective effect, and the absence of a provision for retrospective application in Section 2(14)(iii)(b) indicated that tax liabilities could not be imposed on transactions predating the notification. The appeals were allowed, and the CIT's orders were canceled. en-us Wed, 07 Sep 1977 00:00:00 +0530 Sat, 16 Apr 2011 16:01:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70526 The Tribunal held that gains from the sale of agricultural lands within 8 kilometers of municipal limits were not taxable under Section 45 of the IT Act, 1961, as the lands were not considered capital assets at the time of sale. The notification issued post-sale did not have retrospective effect, and the absence of a provision for retrospective application in Section 2(14)(iii)(b) indicated that tax liabilities could not be imposed on transactions predating the notification. The appeals were allowed, and the CIT's orders were canceled. Case-Laws Income Tax Wed, 07 Sep 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70526