CAPITAL GAIN ::
Court :
HC
Brief :
Held by the Hon`ble Court that, agriculture land is a capital asset u/s 2(14) of the act, only on ground that the cost of acquisition was nil it could not be held that capital gain was not liable to tax.
Citation :
S. Hoshnak Singh (HUF) Vs. C.I.T.
Capital Gain
S. Hoshnak Singh (HUF) Vs. C.I.T. 12/13/2006
[2007] 292 ITR 390 (P&H)
Case Fact:
Whether, capital gain arising due to transfer of agriculture land which is allotted to the assessee in lieu of land left in Pakistan prior to 1-3-1970, is taxable under the Income -tax Act 1961?
Decision:
Held by the Hon`ble Court that, agriculture land is a capital asset u/s 2(14) of the act, only on ground that the cost of acquisition was nil it could not be held that capital gain was not liable to tax.
CA.Saibaburao Nanduri
Published in Income Tax
Views : 83
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