https://www.taxtmi.com/caselaws?id=67817 Capital gains tax could not be levied on agricultural land where, on the facts found at assessment, the land did not satisfy the definition of a capital asset under the Income-tax Act. The Tribunal treated the levy as a mistake apparent from record because the assessment proceedings and related material showed that the statutory conditions for capital gains had not been properly examined, and the issue was not debatable once the factual position was accepted. Rectification under the relevant provision was therefore maintainable, and the capital gains addition had to be excluded for the agricultural land, while the transfer of shops and jhopri remained taxable. en-us Tue, 28 Jul 1981 00:00:00 +0530 Mon, 14 Mar 2011 18:18:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67817 Capital gains tax could not be levied on agricultural land where, on the facts found at assessment, the land did not satisfy the definition of a capital asset under the Income-tax Act. The Tribunal treated the levy as a mistake apparent from record because the assessment proceedings and related material showed that the statutory conditions for capital gains had not been properly examined, and the issue was not debatable once the factual position was accepted. Rectification under the relevant provision was therefore maintainable, and the capital gains addition had to be excluded for the agricultural land, while the transfer of shops and jhopri remained taxable. Case-Laws Income Tax Tue, 28 Jul 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67817