2012 (3) TMI 151

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....1961 (for short, "the Act") by the Revenue, seeking to raise the following substantial questions of law for our examination in this appeal :   "1. Whether the appellate authorities were correct in holding that the land which is the subject-matter of sale is agricultural land as on the date of sale without taking into consideration the conversion of land to non-agricultural purpose and cons....

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....ondent-assessee in favour of some third parties in respect of an extent of 3 acres, 38 guntas in Survey No. 75 and 3 acres in Survey No. 77 of Seshahalli village, Bangalore rural district, put together for sale consideration of Rs. 50 lakhs, is not a transaction involving transfer of a capital asset and, therefore, no need to bring the income referable to the capital gains part of the transfer of ....

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.... sought to be submitted that even independent of the question as to whether the land had been converted for a non-agricultural purpose or had retained its agricultural character, but as it was within a distance of 8 kms. from the urban agglomeration of Bangalore city it is inevitably a capital asset within the meaning of section 2(14) of the Act and, therefore, the tax liability as had been determ....

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....fter it is not an agricultural land and, therefore, can be treated as capital asset. 7. The Appellate Commissioner as well as the Tribunal has applied this norm and while they did hold that the sale transaction in respect of the following extents of land :   Conversion Notification No. and date Sy. No. Extent of area Date of sale Sale consideration (Rs.)     ....