1996 (3) TMI 47

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....ion 256(2) of the Income-tax Act, 1961, the applicant-Department seeks a direction to the Income-tax Appellate Tribunal, Indore, to state the case and refer the undernoted questions said to be of law for the opinion of this court, arising out of its order dated July 24, 1991, passed in I. T. A. No. 675/(Ind) of 1987 and its refusal to refer the case by order dated December 18, 1991, passed in R. A....

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.... land for Rs. 35,000 on October 23, 1982, which she had purchased for Rs. 13,961 on March 28, 1981. The assessee claimed exemption from income-tax on the sale of this land. The Income-tax Officer on enquiry found that the assessee has been dealing in purchase and sale of lands in the past also. He in his order catalogued these transactions as follows : 1. Purchased land for Rs. 4,000 on 6-6-196....

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....oner of Income-tax (Appeals) on February 25, 1987. Consequently, the assessee filed an appeal before the Tribunal. The Tribunal, on the basis of the material on record, came to the conclusion that the assessee was not engaged in the business of lands and relying upon its certain earlier decisions allowed the appeal and negatived the findings of the two authorities below. It, however, observed t....

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....ands as agricultural lands. The assessee did not undertake herself either in conversion of agricultural land into non-agricultural land or engaged in division of the lands into plots. The lands in question were assessed to land revenue and according to the certificate of the patwari, the lands were used as agricultural lands, the assessee raised crops thereon. The finding of the Income-tax Officer....