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2003 (1) TMI 49 - HC - Income TaxAgricultural Land – capital gains - Assessee was the owner of 2.47 acres of land situated in Thrikkakara Panchayat. The assessee received a total sum of ₹ 15,56,015 as compensation on acquisition of the land by the State Government. Before the Assessing Officer, the assessee had claimed that it was agricultural land and so the capital gains arising on the transfer were not liable to tax under the Income-tax Act. - "(1) Whether the Tribunal was right in holding that the transfer of the property under the Land Acquisition Act had taken place in the year ending March 31, 1986, and so the capital gains arising in the transaction was assessable for the assessment year 1986-87? - (2) Whether the Tribunal was right in holding that the agricultural land in Thrikkakara Panchayat qualified as capital asset for the assessment year 1986-87 even though Thrikkakara is not appearing in the second notification No. 9447/F issued on January 6, 1994?" - Questions Nos. 1 and 2 are answered in the positive and in favour of the Revenue and against the assessee.
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