TMI Blog1964 (8) TMI 77X X X X Extracts X X X X X X X X Extracts X X X X ..... titution of India challenges the correctness of exhibits P-1, P-2 and P-2(a) in so far as they relate to the assessment of capital gains. Exhibit P-1 is the order of the Commissioner of Income-tax, Ernakulam, dismissing the revision petitions filed by the petitioner against exhibits P-2 and P-2(a). Exhibit P-2 is the assessment order in respect of the assessment year 1960-61 (accounting period: th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or transfer of a capital asset effected after the 31st day of March, 1956, and that such profits and gains shall be deemed to be income of the previous year in which the sale, exchange or relinquishment or transfer took place. The contention of the petitioner is that the land concerned is agricultural land and that as a result the section is not attracted to the profits or gains arising from the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 57 cents in a very important locality of a municipal town is agricultural land or not. Obviously, the petitioner would not have purchased agricultural land measuring 57 cents at a rate of about ₹ 1,18,000 per acre when even the best cocoanut garden in the most fertile areas of this State would not have fetched even ₹ 15,000 per acre in the year 1959. Similarly, if the land is one whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y a question of fact. It is conceded that there is nothing on record to show the extent of the income that was being received from the few trees on the property. We must say that we find it impossible to hold that 57 cents of land on the Mahatma Gandhi Road, the busiest thoroughfare of this town, with a building thereon fetching a monthly rent of ₹ 50 is not a capital asset as defined in sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o prevent the petitioner from filing appeals under sections 30 and 33 of the Act and then agitating the controversy under section 66 of the Act. We think that this is the way in which he should have brought up the matter before this court, and not by a petition under article 226 of the Constitution. In the light of what is stated above, this petition has to be dismissed and we do so. No costs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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