1997 (9) TMI 45 - HC - Income Tax

Summary

The High Court held that capital gains from the transfer of agricultural land within municipal limits are liable to capital gains tax, based on the Explanation in section 2(1A) of the Income-tax Act. The Tribunal's decision was overturned in favor of the Revenue. (Case citation: 1997 (9) TMI 45 - PUNJAB AND HARYANA High Court)