1983 (12) TMI 124

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed 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 accounting period relevant to the asst. yr. 1979-....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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 agricultural lands is agricultural income and is not ....