https://www.taxtmi.com/caselaws?id=22907 Profit on sale of agricultural land within 8 kms of a notified municipality was treated as agricultural income and not chargeable to income-tax. The Court relied on its earlier ruling in J. Raghottama Reddy and held that the retrospective Explanation to section 2(1A) introduced by the Finance Act, 1989 did not alter the position that income from transfer of land used for agricultural purposes remained outside tax under the facts considered. The Tribunal's view was sustained, and the reference was answered in favour of the assessee. en-us Tue, 27 Nov 1990 00:00:00 +0530 Tue, 15 Dec 2009 12:41:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22907 Profit on sale of agricultural land within 8 kms of a notified municipality was treated as agricultural income and not chargeable to income-tax. The Court relied on its earlier ruling in J. Raghottama Reddy and held that the retrospective Explanation to section 2(1A) introduced by the Finance Act, 1989 did not alter the position that income from transfer of land used for agricultural purposes remained outside tax under the facts considered. The Tribunal's view was sustained, and the reference was answered in favour of the assessee. Case-Laws Income Tax Tue, 27 Nov 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22907