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1999 (10) TMI 2 - SC - Income TaxBy the Finance Act, 1989, Explanation to section 2(1A), inserted with effect from April 1, 1970clearly declares that the revenue derived from land shall not include and shall be deemed never to have included any income arising from the transfer of any land referred to in section 2(14)(iii)(a) or (b). The upshot of the same is that income derived from sale of such agricultural lands cannot be treated as "agricultural income"
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