1992 (8) TMI 5

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....-tax Act, 1961, the Revenue seeks a direction to the Tribunal to refer the following two questions of law, for the opinion of this court : 1. Whether, on the facts and in the circumstances of the case and having regard to the provisions of section 2(14), the Appellate Tribunal was right and had valid materials in upholding the order of the Commissioner of Income-tax (Appeals) that the lands sol....

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....e benefit of channel irrigation and there were also 42 coconut trees thereon. That apart, the Tribunal had also considered the receipt of agricultural income from the land in question. Based on the aforesaid circumstances, the Tribunal rightly came to the conclusion that the land in question sold by the assessee was agricultural land. Even as regards the second question, it is seen that under sect....

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....ulation of not less than 10,000 according to the last preceding census. In order that the benefit of exclusion of agricultural land as capital asset may not be available, the land should be situated within the jurisdiction of a municipality or a cantonment board as stated earlier and is also related to the population. Though the expression, " municipality, municipal corporation, notified area comm....