1994 (7) TMI 8

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..... n respect of the assessment year 1979-80 under section 256(1) of the Income-tax Act, 1961 : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that no capital gains tax is leviable on sale of garden land situated within the municipal limits of a town in view of the Bombay High Court decision in Manubhai A Sheth v. N. D. Nirgudkar [1981] 128 ITR 87 .....

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..... decision of the Bombay High Court held that the sale of agricultural land could not be subject to tax under the Income-tax Act. We need not go in detail into the controversy raised in the present case because the Explanation to section 2(1A) has been added by the Finance Act with retrospective effect from April 1, 1970. In view of the retrospective amendment as aforesaid, the view taken by the .....

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