Singhai Rakesh Kumar vs Union Of India & Ors

The Supreme Court upheld the High Court's dismissal of a writ petition challenging the Income Tax Appellate Tribunal's ruling that profits from the sale of agricultural land did not constitute capital gains under the Income Tax Act, 1961. The Court clarified that agricultural income is defined by the relevant enactments at the time, and not solely by the definitions in the 1922 Act. The Court held that the provisions of the Income Tax Act, specifically Section 2(1)(A) and Section 2(4A), were applicable, affirming the Tribunal's decision and the High Court's ruling.