Ramachandran Nair, J.

1. Under the relevant instruction issued by the Board of Direct Taxes, these appeals filed by the Revenue in February, 2004 are not maintainable for the reason that tax effect is much below the minimum required for the revenue to file appeal, that is Rs. 2 lakhs. We therefore dismiss all the appeals as not maintainable.

2. However, standing counsel for the revenue submitted that both the issues raised in the appeals are likely to arise in the case of other assessees and so much so department seeks a decision by this Court on the questions raised. We therefore proceed to consider the questions raised by the revenue which are substantial questions of law.

3. The assessees who were owners of agricultural land within the municipal limits sold the same in the year relevant for the assessment year 1991-92. However, assessees did not pay any tax on capital gain but claimed exemption under Section 54B(2) of the I.T. Act, which provides for exemption from payment of tax on capital gains, if the same is deposited in specified Bank Account before the due date and utilised within two years from the date of transfer for purchase of a new asset which again has t