CAPITAL GAIN ::

Last updated: 20 September 2007

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.