1998 (1) TMI 63

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....e instance of the Revenue referred for the opinion of the High Court the following two questions of law, relating to the assessment year 1974-75 : "1. Whether, on the facts and circumstances of the case, the Tribunal was right in law in holding that Gaon Sabha Nangal Dewat was within the meaning of sub-clause (a) of section 2(14)(iii), a municipality within whose jurisdiction there was comprised ....

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....for determining the capital gains. The assessee went in appeal. The Commissioner of Income-tax (Appeals) set aside the order of the Income-tax Officer and directed him to exclude the income computed under the head "Capital gains". The Revenue preferred an appeal to the Income-tax Appellate Tribunal which has been dismissed. The controversy stands resolved by the law laid down by the Supreme Cour....