Supreme Court: Tax on Capital Gains from Agricultural Land Sale

The Supreme Court held that capital gains from the sale of agricultural land within municipal limits are subject to taxation under the Income-tax Act, 1961. The references were permitted, and the cases were resolved without costs.

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The Supreme Court ruled that capital gain from the sale of agricultural land in municipal limits is taxable under the Income-tax Act, 1961. The decision was based on a previous court judgment. The references were allowed and the cases were disposed of with no costs.

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