IN THE HIGH COURT OF KERALA AT ERNAKULAM PRESENT : THE HONOURABLE MR. JUSTICE C.N.RAMACHANDRAN NAIR & THE HONOURABLE MR. JUSTICE B.P.RAY TUESDAY, THE 21ST DECEMBER 2010 / 30TH AGRAHAYANA 1932 ITA.No. 1295 of 2009() ---------------------- ITA.304/COCH/2004 of I.T.A.TRIBUNAL,COCHIN BENCH .................... APPELLANT/REVENUE ------------------------------------- THE COMMISSIONER OF INCOME TAX, KOZHIKODE. BY ADV. SRI.P.K.R.MENON,SR.COUNSEL, GOI(TAXES) SRI.JOSE JOSEPH, SC, FOR INCOME TAX RESPONDENT/ASSESSEE ----------------------- SHRI A.ABOOBACKER, ATHIKKAL HOUSE, KUMMUMMAL, EDAVANNA, MALAPPURAM DITRICT. ADV. SRI.K.ANAND (A.201) FOR R1 SMT.LATHA KRISHNAN FOR R1 THIS INCOME TAX APPEAL HAVING BEEN FINALLY HEARD ON 21/12/2010, THE COURT ON 21/12/2010 DELIVERED THE FOLLOWING: C.N.RAMACHANDRAN NAIR & BHABANI PRASAD RAY, JJ. .................................................................... I.T. Appeal No.1295 of 2009 .................................................................... Dated this the 21st day of December, 2010. JUDGMENT Ramachandran Nair, J. Question involved is whether respondent-assessee is entitled to exemption from payment of capital gains on the land acquired which is agricultural land within the Panchayat area. Agricultural land is exempted from capital gains tax unless it is located in Municipal area or notified areas. Consequently we do not find any merit in the appeal filed by the Revenue. Appeal is accordingly dismissed. C.N.RAMACHANDRAN NAIR Judge BHABANI PRASAD RAY Judge pms