R.K.PALSHIKAR (HUF) vs COMMISSIONER OF INCOME-TAX, MADHYA PRADESH, NAGPUR,BHANDARA

The Supreme Court addressed a reference under Section 66(1) of the Indian Income-tax Act concerning the applicability of Section 12-B to lease transactions involving agricultural land. The Court held that the lease of land for 99 years constituted a transfer under Section 12-B, thus attracting capital gains tax. The appellant's argument regarding the land being Inam land and not incurring a cost of acquisition was dismissed as it was not raised in prior proceedings, affirming the High Court's decision.