https://www.taxtmi.com/caselaws?id=19405 On a reference under section 256 of the Income-tax Act, the High Court answered the taxability issue according to the law as retrospectively amended, because a later amendment with retrospective operation governs pending references. The Explanation inserted by the Finance Act, 1989 to section 2(1A) was treated as declaratory and as excluding income arising from transfer of agricultural land from the definition of agricultural income. As a result, capital gains from the sale of agricultural land were not agricultural income and were liable to capital gains tax, with the reference answered against the assessee and in favour of the Revenue. en-us Wed, 26 Aug 1992 00:00:00 +0530 Fri, 06 Nov 2009 10:24:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19405 On a reference under section 256 of the Income-tax Act, the High Court answered the taxability issue according to the law as retrospectively amended, because a later amendment with retrospective operation governs pending references. The Explanation inserted by the Finance Act, 1989 to section 2(1A) was treated as declaratory and as excluding income arising from transfer of agricultural land from the definition of agricultural income. As a result, capital gains from the sale of agricultural land were not agricultural income and were liable to capital gains tax, with the reference answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Wed, 26 Aug 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19405