https://www.taxtmi.com/caselaws?id=22732 The Tribunal held that income derived from the sale of agricultural land is not taxable as capital gains but constitutes agricultural income. The court emphasized that retrospective amendments to the Income-tax Act must be considered, even when deciding on applications made before the amendment. The High Court directed the Tribunal to refer the questions of law to it, taking into account the retrospective amendment to section 2(1A) by the Finance Act, 1989. en-us Fri, 10 Aug 1990 00:00:00 +0530 Fri, 26 Dec 2014 15:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22732 The Tribunal held that income derived from the sale of agricultural land is not taxable as capital gains but constitutes agricultural income. The court emphasized that retrospective amendments to the Income-tax Act must be considered, even when deciding on applications made before the amendment. The High Court directed the Tribunal to refer the questions of law to it, taking into account the retrospective amendment to section 2(1A) by the Finance Act, 1989. Case-Laws Income Tax Fri, 10 Aug 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22732