2001 (3) TMI 6 - SCH - Income Tax

Whether, the Tribunal was right in law in holding that the capital gain arising on the sale of agricultural land situated in the municipal limits of Pathankot is not taxable under the Income-tax Act, 1961 - question must now be answered in the negative and in favour of the Revenue in the light of the judgment of this court in Singhai Rakesh Kumar v. Union of India

Summary

The Supreme Court ruled that capital gain from the sale of agricultural land in municipal limits is taxable under the Income-tax Act, 1961. The decision was based on a previous court judgment. The references were allowed and the cases were disposed of with no costs.