2000 (5) TMI 5 - SCH - Income Tax

Question that the appellant sought reference of, namely, whether, in the facts and in the circumstances of the case, the learned Income-tax Appellate Tribunal was correct in holding that the profits arising out of sale of agricultural land could not be subjected to income-tax , shall now be referred by the Tribunal to the High Court

Summary

The Supreme Court allowed the civil appeal, setting aside the judgment and order under appeal. The Tribunal will refer the question regarding taxation of profits from the sale of agricultural land to the High Court in light of a specific judgment. No costs were awarded.