1982 (12) TMI 70 - AT - Income Tax

Summary

The appeal by the revenue against the order of the Commissioner of IT (A) for asst. yr. 1976-77 regarding computation of capital gains was dismissed by the Appellate Tribunal ITAT COCHIN. The Tribunal upheld the CIT (A)'s decision that 50% of the total area transferred by the assessee was agricultural land based on evidence including agricultural income-tax assessment orders and a local inspection. The Tribunal found no merit in the revenue's argument that the entire property was used for industrial purposes.