1. Leave granted.
2. The notice on the special leave petition stated that the matter might be disposed of at this stage in, the light of the judgment of this Court delivered on October 1, 1999, in Union of India v. S. Muthyam Reddy (Civil Appeal No.762 of 1997) -- (1999) 240 ITR 341.
3. The respondent has been served but has not put in an appearance.
4. The judgment aforesaid being applicable and in favour of the appellant, the civil appeal is allowed and the judgment and order under appeal is set aside.
5. The question that the appellant sought reference of, namely, "whether, in the facts and in the circumstances of the case, the learned Income-tax Appellate Tribunal was correct in holding that the profits arising out of sale of agricultural land could not be subjected to income-tax", shall now be referred by the Tribunal to the High Court to be decided in the light of the judgment in S. Muthyam Reddy's case (1999) 240 ITR 341 (SC).
6. No order as to costs. .