TMI Blog1992 (1) TMI 95X X X X Extracts X X X X X X X X Extracts X X X X ..... the following question of law as directed by this court in O. P. No. 1810 of 1987, by order dated October 30, 1991. "Whether, on the facts and in the circumstances of the case, the Tribunal is right in law and has jurisdiction to hold that the land in question is not a capital asset within the meaning of the definition and hence not liable to capital gains tax on its sale ?" The respondent is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g authority determined the net capital gains subject to tax at Rs. 56,481. The plea of the assessee that the profit, if any, arose out of the transfer of agricultural lands and so it is not exigible to capital gains tax was impliedly negatived. In appeal, the first appellate authority, following the decision of the Bombay High Court in Manubhai A. Sheth v. N. D. Nirgudkar, Second ITO [1981] 128 IT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nds is exigible to capital gains tax. The above decision was followed subsequently in I. T. R. No. 6 of 1985,judgment dated June 13,1989 (CIT v. Muledath Mohammed [1990] 186 ITR 498 (Ker), I. T. R. No. 37 of 1985, judgment dated June 13, 1989 (CIT v. A. S. Iqbal [1990] 186 ITR 499 (Ker) and also in I. T. R. No. 121 of 1984, judgment dated July 5, 1989 (CIT v. Glory Paul [1990] 186 ITR 496 (Ker)). ..... X X X X Extracts X X X X X X X X Extracts X X X X
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