https://www.taxtmi.com/caselaws?id=24093 The High Court determined that the cost of acquisition for computing capital gains on the sale of ancestral agricultural land should be based on the land's value as of January 1, 1954. The Court upheld the applicability of section 55(2) of the Income-tax Act in determining the cost price. Additionally, the Court clarified that challenges regarding legislative competence to impose tax on capital gains from agricultural land sales should be pursued through Article 226 of the Constitution and not in a reference proceeding. The ruling favored the Revenue, emphasizing the proper legal avenues for addressing legislative competence issues. en-us Tue, 21 Feb 1989 00:00:00 +0530 Sat, 16 Jan 2010 16:08:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24093 The High Court determined that the cost of acquisition for computing capital gains on the sale of ancestral agricultural land should be based on the land's value as of January 1, 1954. The Court upheld the applicability of section 55(2) of the Income-tax Act in determining the cost price. Additionally, the Court clarified that challenges regarding legislative competence to impose tax on capital gains from agricultural land sales should be pursued through Article 226 of the Constitution and not in a reference proceeding. The ruling favored the Revenue, emphasizing the proper legal avenues for addressing legislative competence issues. Case-Laws Income Tax Tue, 21 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24093