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TMI Blog1999 (10) TMI 2X X X X Extracts X X X X X X X X Extracts X X X X ..... to in section 2(14)(iii)(a) or (b). The upshot of the same is that income derived from sale of such agricultural lands cannot be treated as "agricultural income" - - - - - Dated:- 1-10-1999 - Judge(s) : S. RAJENDRA BABU. and R. C. LAHOTI. JUDGMENT The judgment of the court was delivered by S. RAJENDRA BABU J.--- This appeal is by special leave against an order passed by the High Cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the definition of capital asset. Thus section 2(14)(iii) should be read as excluding from capital asset agricultural land in India, not being land situated in the areas mentioned therein. Upon such interpretation, section 2(14)(iii) does not enable levy of tax on capital gains arising from transfer of land which is used for agricultural purposes wherever it may be situated. In this appeal, chall ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll be deemed never to have included any income arising from the transfer of any land referred to in section 2(14)(iii)(a) or (b). The upshot of the same is that income derived from sale of such agricultural lands cannot be treated as "agricultural income". Thus, the whole basis of the decision has been lost and, therefore, the order under appeal cannot be sustained and deserves to be set aside S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s arising as to interpretation by reason of conflict of decisions of the High Courts, is resolved by law and such a provision cannot be invalid. Inasmuch as there is no challenge to the validity of the Explanation to section 2(1A) inserted into the Act by the Finance Act, 1989, we are afraid, we cannot examine the correctness of the said submission. We leave open this question to be raised for c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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