1993 (2) TMI 90

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..... he following question is referred to us for opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in applying the tests laid down by the Bombay High Court's unreported decision for the purpose of determining whether or not the plots of land sold by the assessee constituted agricultural lands ?" This reference pertains to the assessment year 1966-67. .....

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..... s no dispute that the lands under Survey No. 135/6 were assessed as agricultural lands and lands under Survey No. 135/1B were assessed As non-agricultural lands. The adjoining lands were under acquisition of the Maharashtra Housing Board under the land acquisition proceedings pending on the date of the sale. The Tribunal, while considering whether capital gains tax can be levied on the sale of t .....

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..... It, therefore, directed that only surplus arising on the sale of land covered under Survey No. 135/1B should be subject to tax. This was in view of section 2(14)(iii) of the Income-tax Act which exempted, at the material time, agricultural lands in India, from the definition of capital assets. The factors which have been considered by the Tribunal in deciding whether the land should be considered .....

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