https://www.taxtmi.com/caselaws?id=23280 Capital gains arising from the sale of agricultural land situated in a notified area are chargeable to tax under the Income-tax Act. The Kerala High Court followed its earlier binding decisions rejecting the view that such land escapes capital gains tax, and gave effect to the retrospective amendment in section 3 of the Finance Act, 1989, which clarified the taxability of these gains. The reference was answered against the assessee and in favour of the Revenue, confirming that the sale of agricultural land in a notified area does not avoid capital gains tax. en-us Mon, 18 Jun 1990 00:00:00 +0530 Fri, 18 Dec 2009 10:53:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23280 Capital gains arising from the sale of agricultural land situated in a notified area are chargeable to tax under the Income-tax Act. The Kerala High Court followed its earlier binding decisions rejecting the view that such land escapes capital gains tax, and gave effect to the retrospective amendment in section 3 of the Finance Act, 1989, which clarified the taxability of these gains. The reference was answered against the assessee and in favour of the Revenue, confirming that the sale of agricultural land in a notified area does not avoid capital gains tax. Case-Laws Income Tax Mon, 18 Jun 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23280