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TMI Blog1985 (4) TMI 9X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal "), under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as " the Act "), at the instance of the Commissioner of Income-tax, Bihar, Patna., referring the following question of law for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the exclusion of a sum of Rs. 33,750 taxed under the head 'Capital gains ' from the total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... marked annexure A forming part of the statement of the case. On appeal, the Appellate Assistant Commissioner held that the lands in question were agricultural lands and hence the gains arising on the sale of such land was exempt from income-tax. Therefore, the capital gains of Rs. 33,750 was excluded by the Appellate Assistant Commissioner from the total income of the assessee. The order of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble to capital gains tax. I, therefore, hold that the exclusion of a sum of Rs. 33,750 taxed under the head " Capital gains " from the total income of the assessee by the Tribunal is legal and proper within the meaning of section 45 of the Income-tax Act, 1961. The question is accordingly answered in favour of the assessee and against the Revenue. There will be no order as to costs. UDAY SINHA J. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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