TMI Blog1987 (4) TMI 25X X X X Extracts X X X X X X X X Extracts X X X X ..... es of the case, the Tribunal was justified in holding that the property in question was not agricultural in the year of account ? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that there was capital gain of Rs. 3,27,994 ? (3) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in including the said cap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1954, was Rs. 1,05,049, as a result of which the capital gain amounted to Rs. 3,27,994. Accordingly, the Income-tax Officer completed the assessment on a total income calculated by including the capital gain of Rs. 3,27,994. The assessee's appeal was dismissed by the Appellate Assistant Commissioner who affirmed the Income-tax Officer's above conclusion as well as the further conclusion that this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the aforesaid second question, learned counsel for the assessee contended that the Tribunal did not consider a part of the evidence which would show that the value of the property as on January 1, 1954, was in excess of Rs. 1,05,049, as a result of which the amount of capital gain has been computed at a higher figure. Learned counsel contended that the rate at which the value of the land as o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the particular assessment year in which the said capital gain had to be taxed. The Tribunal has relied on a decision of the Supreme Court in Jetmull Bhojraj v. State of Bihar, AIR 1972 SC 1363, to support its conclusion. The definition of " transfer " contained in section 2(47) of the Income-tax Act, 1961, provides that the transfer in relation to a capital asset includes the compulsory acquisi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst the assessee and in favour of the Revenue as under: 1. That, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the property in question was not agricultural ; 2. That, on the facts and in the circumstances of the case, the Tribunal was justified in holding that there was capital gain of Rs. 3,27,994; and 3. That, on the facts and in the ci ..... X X X X Extracts X X X X X X X X Extracts X X X X
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