IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION ORIGINAL CIVIL JURISDICTION INCOME INCOME INCOME TAX REFERENCE NO. 93 OF 1989. TAX REFERENCE NO. 93 OF 1989. TAX REFERENCE NO. 93 OF 1989. Commissioner of Income-tax. ... Applicant. V/s. Kum.Parul D. Shah. ... Respondent. A.N.Kotangale with D.A.Dubey i/b. K.C.Sidhwa for the applicant. Sanjiv M. Shah i/b. N.R.Mody for the respondent. CORAM CORAM CORAM : V.C.DAGA AND A.S.AGUIAR, JJ. : V.C.DAGA AND A.S.AGUIAR, JJ. : V.C.DAGA AND A.S.AGUIAR, JJ. DATED DATED DATED : 20th July 2005. : 20th July 2005. : 20th July 2005. P.C. P.C. P.C. : : : ---- ---- ---- . By this reference under section 256(1) of the Income-tax Act, 1961, the Income Tax Appellate Tribunal has referred the following question of law for the opinion of this Court: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that capital gains arising on the sale of agricultural land is not chargeable to income-tax under the Income-tax Act?" 4. For the reasons recorded by us in our judgment dated 1st July, 2005 passed in Income-Tax Reference No.397 of 1988 (C.I.T. v. M/s.Pithwa C.I.T. v. M/s.Pithwa C.I.T. v. M/s.Pithwa Engg.Works Engg.Works Engg.Works); wherein we have relied upon decision of this court in the case of C.I.T. v. Camco C.I.T. v. Camco C.I.T. v. Camco Colour Colour Colour Co. Co. Co. (2002) 254 ITR 565, we do not think it necessary to answer the reference made to this Court for the assessment year 1972-73, having negligible tax effect. Accordingly, reference stands returned unanswered with no order as to costs. (A.S.AGUIAR, (A.S.AGUIAR, (A.S.AGUIAR, J.) J.) J.) (V.C.DAGA, (V.C.DAGA, (V.C.DAGA, J.) J.) J.)