1979 (2) TMI 120

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..... tural lands situated at on 28th Sept., 1972, 24th June, 1972 and 27th March, 1972. In view of the notification dt. 6th Feb., 1973, the agricultural lands within 8 Kms. of municipal limits had come within the definition of s. 2(14). The assessee contended before the AAC that the said notification dt. 6th Feb., 1973 will not be applicable to the sale of the agricultural lands made by the assessee pr .....

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..... al representative submitted that the assessee returned capital gain in respect of the sales of agricultural lands and so the assessee should not be permitted to dispute the chargeability of capital gains. He submitted that the notification dt. 6th Feb. 1973 is applicable for the asst. yr. 1973-74. Thus, he justified the order of the AAC. 4. We have considered the rival submissions. Admittedly th .....

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..... e notification dt. 6th Feb., 1973 had no retrospective effect and so the sales made prior to the said notification cannot be treated as capital asset within the meaning of cl. (b) of s. 2(14)(iii) and consequently the capital gains arising from the sale of the land prior to the date of notification are not liable to be taxed under s. 45 of the IT Act, 1961. 5. Other grounds raised are not presse .....

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