2008 (1) TMI 993

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..... . JUDGMENT This appeal under Section 260-A of the Income Tax Act, 1961, has been preferred by the Revenue against the order dated 09.6.12.2002 passed by the Income Tax Appellate Tribunal, Bangalore. The appeal has been admitted on the following substantial question of law : "Whether the Tribunal was correct in holding that the profits derived from lands owned by the assessee which was converte .....

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..... f land between the period from 1978 to 1979 and only about 7 acres of land was purchased by him later on. He was cultivating the seme for a period of about 20 years ever since he purchased the same. As he was in need of money, he sold about 35 acres of land, but still retained 14 acres of land with him. That the various sales which were executed by the assessee from time to time were treated as ad .....

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..... also. 4 The learned counsel for the appellant placed reliance of a judgment of the Supreme Court in the case of Raja J. Rameshwar Rao Vs. Commissioner Of Income Tax, Hyderabad reported in 42nd I.T.R. p.179. 5. We have categorically gone through the judgment, but find that the facts of the said case are entirely different. The ratio decidendi of the said case do not apply to the facts of the pres .....

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