1990 (9) TMI 44

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..... red the following question of law for the decision of this court : "Whether, on the facts and in the circumstances of the case, the consideration received on the sale of the urban agricultural lands is exigible to income-tax for capital gains ?" The respondent is an assessee to income-tax. The matter arises in connection with the assessment year 1982-83 for which the accounting period ended on .....

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..... agricultural lands situate in Cheruvakkal village. It is thereafter at the instance of the Revenue that the question of law, formulated hereinabove, has been referred for the decision of this court. We heard counsel. A Division Bench of this court in CIT v. T. K. Sarala Devi [1987] 167 ITR 136 dissented from the decision of the Bombay High Court and held that capital gains tax is exigible on th .....

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..... the amendment referred to above, we are of the view that the Tribunal was in error in holding that the consideration received on the sale of urban agricultural lands is not exigible to capital gains tax under the Income-tax Act. We answer the question referred to this court in the affirmative, against the assessee and in favour of the Revenue. A copy of this judgment under the seal of this cou .....

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