COMMISSIONER OF INCOME-TAX versus DHABLE, BOBDE PAROSE, KALE, LUTE AND CHOUDHARI
Agricultural Income Business Capital acquired the sole transaction of purchase of agricultural land in October 1966, and assessed the profitable agricultural income in January, 1967, no real capital estimate. There is no evidence by the Revenue that the land was owned by this asset. Profit is part of a business asset that is not assessable in terms of business income. The Indian Income Tax Act, 1961, sections 2 (1), 2 (14), 28, 45 (applicable before April 1, 1970) )
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