https://www.taxtmi.com/caselaws?id=19185 The High Court of Madras ruled in favor of the Department, overturning the Tribunal's decision, stating that the sale proceeds of agricultural lands within municipal limits are taxable under section 2(14)(iii) of the Income-tax Act, 1961. The court considered the Explanation in the Finance Act, 1989, and previous judicial decisions, emphasizing the importance of interpreting the law in light of amendments and established precedents. en-us Thu, 17 Nov 1994 00:00:00 +0530 Wed, 04 Nov 2009 14:23:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19185 The High Court of Madras ruled in favor of the Department, overturning the Tribunal's decision, stating that the sale proceeds of agricultural lands within municipal limits are taxable under section 2(14)(iii) of the Income-tax Act, 1961. The court considered the Explanation in the Finance Act, 1989, and previous judicial decisions, emphasizing the importance of interpreting the law in light of amendments and established precedents. Case-Laws Income Tax Thu, 17 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19185