TMI Blog1988 (6) TMI 31X X X X Extracts X X X X X X X X Extracts X X X X ..... urt under sub-section (2) of section 256 of the Income-tax Act. The question reads as under: "Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that the land in question was a capital asset within the meaning of section 2(4A) of the Indian Income-tax Act, 1922, and that there was capital gain subject to income-tax ?" In this reference, Tarun Chandr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ricultural land. We quote his declaration : "I won the case in lower court proving that the land in question was not in possession of any one and it was a purely a vacant plot of land without cultivation by anyone or myself". The declaration was accepted by the Income-tax Officer and the land was held to be non-agricultural land. It is on that premise that Rs. 1,00,000 was added towards capital ga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Jamabandi, the certificate from the Assistant Settlement Officer, Gauhati, and from my personal inspection". For the said reasons it was held that the land is agricultural land and that the sale proceeds of the land should not attract capital gains. The appeal was allowed and on further appeal before the Income-tax Appellate Tribunal, the finding was seriously assailed by the Revenue. The Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the High Court, in a reference under section 66 of the Income-tax Act, was incompetent to disturb what was essentially a finding of fact recorded by the Tribunal and arrive at another finding". On the question that is referred, we hold in the affirmative, that the land in question is a capital asset within the meaning of section 2 (4A), in favour of the Revenue and against the assessee. No costs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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