RAMPRASAD C DALAL Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE Income -tax Appellate Tribunal, Ahmedabad Bench 'B' has referred a question of law for out opinion under s. 256(1) of the I.T. Act, 1961, at the instance of the assessee. The said question reads as unde :

(2.) THE fact leading to this reference are as unde :

(3.) THIS brought the dissatisfied revenue to the Income -tax Appellate Tribunal by way of a further appeal. The revenue contended that the land was purchased not for agricultural purposes but for the purposes business by the vendee. All the requisite conditions necessary for holding the land to be an agricultural land were not complied with. The assessee's representative, on the other hand, placed his reliance on the order of the AAC.