B S JAYACHANDRA Vs. INCOME TAX OFFICER

JUDGEMENT

(1.) ON a reference made by Chandrakantaraj Urs. J., this case was posted before us for disposal.

(2.) AMONG others, the petitioner was the owner of land bearing Survey No. 61 measuring about 4 acres 22 guntas in Doddakallasandra village, Uttarahalli Hobli, Bangalore South Taluk, classified as agricultural land and the same was situated within 8 kms. of the Municipal Corporation of the City of Bangalore. On December 18, 1972, the petitioner sold the said land to Khandhand Agarwal and others, partners of M/s. Gupta Wires and Products, Bangalore, for a consideration of Rs. 86,450.

(3.) THE respondents have resisted the writ petition.