1982 (12) TMI 70

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.... 1976-77. The only ground raised by the revenue is in respect of computation of capital gains. The assessee had, during the relevant previous year transferred to M/s Bees Refractories Pvt. Ltd. 5.36 acres of land with buildings for a total consideration of Rs. 3,52,800. The ITO computed capital gains arising out of the transfer rejecting the assessee's claim that 5.36 acres out of the property sol....

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.... assessee to create evidence to set up a claim that the land is agricultural in nature. The materials referred to by the CIT (A) are stated to be inadequate for the purpose of arriving at the conclusion that the exempted portion is agricultural land. The assessee's ld. counsel maintained that the finding has been arrived at by the CIT (A) after local inspection; that the agricultural income-tax as....

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....gs and drying yard there had been evidence of topioca cultivation in the property. It may be that the property had been changing hands under successive transfers and the extensive vacant land that the assessee got possession under a sale deed of 1973 had been put to agricultural use after the preliminary agricultural operations. The land had not been lying idle at the time it was transferred by th....