1983 (12) TMI 124

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.... grounds of appeal it has been contended that the authorities below were not justified in taxing the capital gains on the sale of agricultural lands which were situated within the municipal limits of Sriganganagar. 3. The facts briefly stated are that the assessee owned certain agricultural lands within the municipal limits of Sriganganagar city. These were sold by the assessee in the accountin....

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....ax on agricultural lands was challenged before the High Court and therefore, the AAC as well as the ITO were not competent to go into this aspect and, therefore, the capital gains tax was leviable. 4. We have given our careful consideration to the submissions. In our opinion, the assessee deserves to succeed. In view of the Bombay High Court decision holding that income from sale of agricultura....