1990 (9) TMI 44

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....Revenue, the Income-tax Appellate Tribunal (in short, "the Tribunal") has referred the following question of law for the decision of this court : "Whether, on the facts and in the circumstances of the case, the consideration received on the sale of the urban agricultural lands is exigible to income-tax for capital gains ?" The respondent is an assessee to income-tax. The matter arises in con....

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....see is not liable to be taxed on the capital gains arising out of the sale of the agricultural lands situate in Cheruvakkal village. It is thereafter at the instance of the Revenue that the question of law, formulated hereinabove, has been referred for the decision of this court. We heard counsel. A Division Bench of this court in CIT v. T. K. Sarala Devi [1987] 167 ITR 136 dissented from the d....