Supreme Court of India
Commissioner Of Income-Tax vs M.L. Mahajan on 21 March, 2001
Equivalent citations: [2002]255ITR272(SC), (2002)10SCC407, AIRONLINE 2001 SC 208, 2003 AIR SCW 2798, 2003 TAX LR 789, (2002) 123 TAXMAN 76, (2002) 175 CUR TAX REP 298, 2002 (10) SCC 407, (2002) 255 ITR 272
Bench: S.P. Bharucha, N. Santosh Hegde
ORDER
1. The question that arises in these transferred cases reads thus :
"Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the capital gain arising on the sale of agricultural land situated in the municipal limits of Pathankot is not taxable under the Income-tax Act, 1961 ?"
2. It is not in dispute that the question must now be answered in the negative and in favour of the Revenue in the light of the judgment of this court in Singhai Rakesh Kumar v. Union of India [2001] 247 ITR 150 ; [2001] 1 SCC 364.
3. The references are allowed accordingly and the transferred cases disposed of.
4. No order as to costs.