1982 (11) TMI 92

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....Court in the case of Manubai A. Seth & Ors. vs N.D. Nirgudkar, ITO & Ors. (1981) 22 CTR (Bom) 41 : (1981) 128 ITR 87 (Bom) and exclude from the assessments capital gains arising from the agricultural lands belonging to the assessee. It was contented firstly on behalf of the revenue that the lands in question were not actually cultivated and not being agricultural lands, the decision of the Bombay ....

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....ral income could not be taxed was contrary to the reasoning adapted by the Delhi High Court in the case of D.L.F. Housing & Construction (P) Ltd vs CIT (1982) 19 CTR (Del) 199 : (1983) 141 ITR 806 (Del). But, we cannot ignored the decision of the Bombay High Court which is binding on us especially when it has been held that unless the definition of the 'capital asset' in s. 2(14) is read in such a....