1982 (11) TMI 92

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..... N.D. Nirgudkar, ITO Ors. (1981) 22 CTR (Bom) 41 : (1981) 128 ITR 87 (Bom) and exclude from the assessments capital gains arising from the agricultural lands belonging to the assessee. It was contented firstly on behalf of the revenue that the lands in question were not actually cultivated and not being agricultural lands, the decision of the Bombay High Court should not be applied. But, we find .....

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..... the reasoning adapted by the Delhi High Court in the case of D.L.F. Housing Construction (P) Ltd vs CIT (1982) 19 CTR (Del) 199 : (1983) 141 ITR 806 (Del). But, we cannot ignored the decision of the Bombay High Court which is binding on us especially when it has been held that unless the definition of the capital asset in s. 2(14) is read in such a way as to exclude agricultural land it would .....

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