Case Law Details
Case Name : The CIT Vs Nitish Rameshchandra Chordia, & Others (Bombay High Court)
Related Assessment Year :
Courts :
All High Courts Bombay High Court
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Brief of the Case
Bombay High court held In the case of The CIT vs. Nitish Rameshchandra Chordia & others. that amendments in the statute unless a different legislative intention is clearly expressed, shall operate prospectively. Any consideration received out of sale of the agricultural land cannot be treated as Short Term Capital Gain for the purpose of income tax. For the period prior to Assessment Year 2014-15 the distance between the municipal limits and assessed property/asset is to be measured having regard to approach road distance and not as per aerial distance.
Facts of the Case
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Good clarification about the ambiguity on the subject matter:
Bombay High court held In the case of The CIT vs. Nitish Rameshchandra Chordia & others. that amendments in the statute unless a different legislative intention is clearly expressed, shall operate prospectively. Any consideration received out of sale of the agricultural land cannot be treated as Short Term Capital Gain for the purpose of income tax. For the period prior to Assessment Year 2014-15 the distance between the municipal limits and assessed property/asset is to be measured having regard to approach road distance and not as per aerial distance