COMMISSIONER OF INCOME-TAX Vs. AJIT KUMAR ARYA

JUDGEMENT

(1.) THIS reference has been made by the Income -tax Appellate Tribunal at the instance of the revenue under Section 256(1)/256(2) of the Income -tax Act, 1961 pertaining to the assessment year 1973 -74 seeking opinion of this Court on the following questions of law: 1. Whether on the facts and in the circumstances of the case, the Tribunal was justified in not holding that this was a case of transfer of a capital asset as defined under Section 2(14) of the Income -tax Act and, therefore, the profit or gain arising from this transfer was chargeable to income -tax under the head 'Capital gains' as per Section 45 of the Income -tax Act, 1961 ?

(2.) WHETHER on the facts and in the circumstances of the case the Tribunal was right in holding that the sale price realised on the sale of the land was an agricultural income treating the land as an agricultural land and exempted under Section 2(1)(b) of the Income -tax Act, 1961 ? 2. Heard learned Counsel for the parties.