1990 (9) TMI 50

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..... eferred the following question of law for the decision of this court in the above-referred cases : "Whether, on the facts and in the circumstances of the case, the consideration received on the sale of agricultural lands is exigible to income-tax on capital gains ?" The respondent is an assessee to income-tax. We are concerned with the assessment years 1980-81, 1981-82 and 1982-83, for which t .....

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..... on the facts of this case, it was agreed that the properties sold by the assessee was agricultural lands, following the decision of the Bombay High Court aforesaid, the Tribunal held that no capital gains on the sale of agricultural lands arose for consideration. It is thereafter, at the instance of the Revenue, that the question of law has been referred by the Tribunal at the instance of the Reve .....

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..... to section 2(14) of the Income-tax Act with retrospective effect, will show that tax on capital gains is exigible on the sale of agricultural lands. In the light of the above Bench decisions, we are of the view that the Appellate Tribunal was in error in holding that the consideration received on the sale of agricultural lands is not exigible to capital gains tax. We answer the question refer .....

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