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Section 2(14), read with sections 45 and 48, of the Income-tax Act, 1961 - Capital gains - Capital asset [In favour of assessee] M.V. Seshachala for the Appellant. JUDGMENT D.V. Shylendra Kumar, J.-The appeal under section 260A of the Income-tax Act, 1961 (for short, "the Act") by the Revenue, seeking to raise the following substantial questions of law for our examination in this appeal: "1.Whether the appellate authorities were correct in holding that the land which is the subject-matter of sale is agricultural land as on the date of sale without taking into consideration the conversion of land to non-agricultural purpose and consequently recorded a perverse finding? 2.Whether the appellate authorities were correct in holding that though the land is converted into non-agricultural, in view of the cultivation of the land till the date of sale, the land should be treated as agricultural land and the same is exempt from capital gains in view of section 2(14) read with sections 45 and 48 of the Act?" as questions that arise from out of the order of the Income tax Appellate Tribunal, Bangalore Bench in I. T. A. No. 997/Bang/2010, which, by that order, dismissed the appeal of the Revenue against the order passed by the Appellate Commissioner holding that there is no need to interfere with the finding of the Appellate Commissioner that the sale transaction dated April 7, 2004, effected by the respondent-assessee in favour of some third parties in respect of an extent of 3 acres, 38 guntas in Survey No. 75 and 3 acres in Survey No. 77 of Seshahalli village, Bangalore rural district, put together for sale consideration of Rs. 50 lakhs, is not a transaction involving transfer of a capital asset and, therefore, no need to bring the income referable to the capital gains part of the transfer of the asset. 2. Appearing on behalf of the appellant-Revenue, the submission of Sri M.V. Seshachala, learned senior standing counsel for the Income-tax Department, is that the Tribunal and the appellate authority have committed an error in ignoring the finding of the Assessing Officer that the very sale deed under which the subject land had been sold recited that it is a converted…

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