COMMISSIONER OF INCOME-TAX Vs. SHUBH LATA

JUDGEMENT

(1.) AT the instance of the Revenue, Income-tax Appellate Tribunal, Amritsar Bench, Amritsar (for short "the Tribunal"), has referred the following question of law to this court for its opinion :

(2.) MR . Sanjay Bansal, learned counsel appearing for the Revenue, relying upon a judgment of this court in Tuhi Ram v. Land Acquisition Collector [1993] 199 ITR 490, contended that the sale of agricultural land situated within the municipal limits would come within the ambit of a capital asset and the transfer of the same would attract capital gains.

(3.) FOLLOWING the view taken by this court in Tuhi Ram's case [1993] 199 ITR 490, it is held that the Tribunal was not right in law in holding that the capital gains arising on the transfer of agricultural land situated within the municipal limits was not chargeable to income-tax in the assessee's hands and the question referred to us is answered in the negative, i. e. , in favour of the Revenue and against the assessee. No costs. .