INCOME TAX OFFICER v. B. JAYACHANDRAN
[Citation -1984-LL-0710-3]
| Citation | 1984-LL-0710-3 |
|---|---|
| Appellant Name | INCOME TAX OFFICER |
| Respondent Name | B. JAYACHANDRAN |
| Court | ITAT |
| Relevant Act | Income-tax |
| Date of Order | 10/07/1984 |
| Judgment | View Judgment |
| Keyword Tags | agricultural income |
| Bot Summary: | T. N. C. RANGARAJAN, J.M.: These appeals by the Revenue are directed against the order of the CIT(A) holding that the capital gains arising from the transfer of the agricultural lands cannot be subjected to tax in view of the decision of the Bombay High Court in the case of Manubhai A. Sheth Ors. It is not in dispute that the lands transferred were in fact agricultural lands. The contention of the Revenue is that there are decisions of the Gujarat High Court in the case of Ambalal Maganlal vs. Union of India Anr. 98 ITR 237 and of Madras High Court in the case of M. Venkatesan vs. CIT 144 ITR 886 where capital gains from agricultural lands have been assessed to tax. Those case do not deal with the issue whether capital gains derived from the transfer of agricultural land could be considered by itself to be agricultural income and outside the purview of the IT Act. On that issue, the decision of the Bombay High Court is the only decision available and we see no reason why the CIT should not follow it. |