SARIFABIBI MOHMED IBRAHIM versus COMMISSIONER OF INCOME-TAX
Capital gains Capital assets assets that are not capital assets are sold to the Housing Society on a square yard adjacent to the Agricultural Land Test Railway Station after applying for land transfer for non-agricultural purpose. Income tax is recorded as agricultural profit on record Capital Gain Taxes Indian Income Tax Act, 1961, Sections 2 (14), 45, 47 (iii) (before amending 1st April 1970)
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