1964 (8) TMI 77

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....JUDGMENT M. S. Menon, CJ. This petition under article 226 of the Constitution of India challenges the correctness of exhibits P-1, P-2 and P-2(a) in so far as they relate to the assessment of capital gains. Exhibit P-1 is the order of the Commissioner of Income-tax, Ernakulam, dismissing the revision petitions filed by the petitioner against exhibits P-2 and P-2(a). Exhibit P-2 is the assess....

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....ofits or gains arising from the sale, exchange, relinquishment or transfer of a capital asset effected after the 31st day of March, 1956, and that such profits and gains shall be deemed to be income of the previous year in which the sale, exchange or relinquishment or transfer took place. The contention of the petitioner is that the land concerned is agricultural land and that as a result the sect....

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....oncerned with the question whether a small plot of land consisting of 57 cents in a very important locality of a municipal town is agricultural land or not. Obviously, the petitioner would not have purchased agricultural land measuring 57 cents at a rate of about Rs. 1,18,000 per acre when even the best cocoanut garden in the most fertile areas of this State would not have fetched even Rs. 15,000 ....

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....s defined in section 2(4A) of the Act is essentially a question of fact. It is conceded that there is nothing on record to show the extent of the income that was being received from the few trees on the property. We must say that we find it impossible to hold that 57 cents of land on the Mahatma Gandhi Road, the busiest thoroughfare of this town, with a building thereon fetching a monthly rent of ....