| Citation(s) |
|---|
| 2001 SLG 170 2001 SLD 170 2001 PTD 1131 (2000) 243 ITR 853 |
Supreme Court of India
Civil Appeal No. 596 of 1997, decision dated: 31st January, 1997. (Appeal by special leave from the judgment and order, dated January 17, 1989 of the Andhra Pradesh High Court in Income tax Case No. 74 of 1989)
J. S. VERMA, JUSTICE S. P. KURDUKAR, JUSTICE
Petitioner(s) by: B. S. Ahuja and B. Krishna Prasad, Advocates.
Respondent(s) by: A. V. Rangam and A. Ranganadhan, Advocates.
Civil Appeal No. 596 of 1997, decision dated: 31st January, 1997. (Appeal by special leave from the judgment and order, dated January 17, 1989 of the Andhra Pradesh High Court in Income tax Case No. 74 of 1989)
J. S. VERMA, JUSTICE S. P. KURDUKAR, JUSTICE
Petitioner(s) by: B. S. Ahuja and B. Krishna Prasad, Advocates.
Respondent(s) by: A. V. Rangam and A. Ranganadhan, Advocates.
COMMISSIONER OF INCOME TAX
VS
. L. BUSAPPA KUMAR
Law: Income Tax Act, 1961
Section: 2,2(1A),45,256.
Income-tax---Reference---Capital gains---Transfer of agricultural lands---Law applicable---Effect of amendment of S.2(1A) with retrospective effect from 1-4-1970---Question whether capital gains could be levied on gains arising on transfer of agricultural land---Question of law ---Indian Income Tax Act, 1961, SS. 2(1A), 45 & 256. Held, that the High Court rejected the application to direct reference in view of the decisions of Manubhai A. Sheth v. N.D. Nirgudkar, Second I.T.O. (1981) 128 ITR 87 (Bom.) and J. Raghottania Reddy v. I.T.O. (1988) 169 ITR 174 (AP). However, an Explanation had been inserted in clause (IA) of section 2 of the Income Tax Act, 1961, by the Finance Act, 1989, with retrospective effect from April 1, 1970, to overcome the effect of those decisions. This being so, the question whether the Income-tax Appellate Tribunal was right in law in upholding the order of the Commissioner of Income-tax (Appeals) directing the Income-tax Officer to exclude the capital gains arising from the transfer of agricultural lands from the assessment had to be referred to the High Court. Manubhai A. Sheth v. N.D. Nirgudkar, Second I.T.O. (1981) 128 ITR 87 (Bom.) and J. Raghottama Reddy v. I.T.O. (1988) 169 ITR .174 (AP) ref. THIS ORDER PASSED BY : This appeal is against the High Court's order rejecting the…
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