1989 (7) TMI 18 - HC - Income Tax

Summary

The High Court of Kerala ruled that capital gains tax is applicable on the sale of agricultural land, overturning the decision of the Income-tax Appellate Tribunal. The court referred to previous decisions and a statutory amendment to support its decision. The judgment favored the Revenue and directed a copy to be sent to the Income-tax Appellate Tribunal, Cochin Bench.