https://www.taxtmi.com/caselaws?id=24787 Land acquired by the Government was treated as a capital asset because the assessee had earlier stated that it was not agricultural land, and the Tribunal relied on that statement, village records and surrounding facts to find that the land was not under cultivation. The High Court treated that conclusion as a pure finding of fact and held that, in reference jurisdiction under section 256(2), it could not reappreciate the evidence or substitute a different view on the character of the land. The reference was answered in favour of the Revenue, sustaining the capital gains assessment. en-us Mon, 20 Jun 1988 00:00:00 +0530 Fri, 22 Jan 2010 13:36:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24787 Land acquired by the Government was treated as a capital asset because the assessee had earlier stated that it was not agricultural land, and the Tribunal relied on that statement, village records and surrounding facts to find that the land was not under cultivation. The High Court treated that conclusion as a pure finding of fact and held that, in reference jurisdiction under section 256(2), it could not reappreciate the evidence or substitute a different view on the character of the land. The reference was answered in favour of the Revenue, sustaining the capital gains assessment. Case-Laws Income Tax Mon, 20 Jun 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24787