1982 (11) TMI 92 - AT - Income Tax

Summary

The Appellate Tribunal ITAT MADRAS-D dismissed the revenue's appeals against the AAC's orders to exclude capital gains from agricultural lands in line with the Bombay High Court decision. The Tribunal held that the lands were indeed agricultural, and the Bombay High Court decision was binding, confirming the AAC's directions. The assessee's cross objections were dismissed as they did not seek specific relief.