1998 (2) TMI 88

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....J.---The following question has been referred, for opinion, by the Income-tax Appellate Tribunal (for short "the Tribunal"), at the instance of the Department under section 256(1) of the Income-tax Act, 1961 (for short "the Act"): Assessment year 1980-81 : "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in approving the order of the Commissioner of ....

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....clause (14) of section 2 of the Act by the Finance Act, 1970, and after the insertion of the Explanation below clause (1A) of that section by the Finance Act, 1989, with retrospective effect from April 1, 1970, agricultural land, situated within the limits of any municipality having a specified population or situated within a specified distance not exceeding eight kilometres from the local limits ....