1993 (5) TMI 3

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.... the asking of the Revenue as well as the assessee, the Income-tax Appellate Tribunal referred questions of law along with the statement of case to this court. At the instance of the Revenue, the following question of law was referred: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the agricultural lands of the assessee were covered by....

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.... may be noticed: The assessment year is 1974-75. The land of the assessee was acquired under the provisions of the Land Acquisition Act. On the basis of the award given by the Land Acquisition Collector, fixing the market value of the acquired land at the rate of Rs. 9 per square yard, the assets of the assessee were so determined. One of the questions referred was regarding treating the agricu....

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....os. 6 and 7 of 1978, decided on January 19, 1993 (CWT v. S. Baldev Inder Singh [1993] 203 ITR 837), by a Division Bench of this court against the assessee. For the reasons recorded therein, we also answer the question in the affirmative against the assessee. With respect to question No. 1 raised at the instance of the assessee, as reproduced above, counsel for the assessee argued on the basis o....