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Commissioner Of Income-Tax vs Laxmi Development Co. on 13 August, 1987 cites

E. D. Sassoon And Company Ltd vs The Commissioner Of Income-Tax,Bombay ... on 14 May, 1954

Ltd. v. CIT [1983] 141 ITR 806 (Delhi), the Delhi High Court has, however, taken the view that if the corpus itself is disposed of by way of sale, it cannot be held by any stretch of reasoning that the sale proceeds would be "income". It is, however, not necessary in the instant case to go into that question in detail because so far as the present case is concerned, it has been found that the land in question was not used by the assessee for agricultural purposes in the accounting year in question. In view of this finding, income derived by sale of that land could not be held to be agricultural income within the meaning of Section 2(1) of the Act. As the land sold by the assessee was situated within the limits of the Indore Municipal Corporation, it would be a "capital asset" as denned by Section 2(14) of the Act. The profit derived by the assessee by the sale of land was, therefore, liable to be taxed as capital gains. The Tribunal, in our opinion, erred in holding that the profit earned by the assessee by sale of that land was agricultural income not liable to be taxed.
Supreme Court of India Cites 31 - Cited by 1764 - N H Bhagwati - Full Document
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