https://www.taxtmi.com/caselaws?id=69480 The Tribunal determined that the land sold was non-agricultural, rejecting the appellant's claim for exemption from capital gains tax. The cost of acquisition for computing capital gains was held to be the original cost, not the market value at conversion. The Tribunal ruled that a withdrawn CBDT circular regarding capital gains computation did not apply as it was not in effect during the relevant assessment year. The appeal was dismissed, and capital gains were computed at Rs. 2,28,902. en-us Mon, 08 Jul 1985 00:00:00 +0530 Thu, 07 Apr 2011 11:47:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69480 The Tribunal determined that the land sold was non-agricultural, rejecting the appellant's claim for exemption from capital gains tax. The cost of acquisition for computing capital gains was held to be the original cost, not the market value at conversion. The Tribunal ruled that a withdrawn CBDT circular regarding capital gains computation did not apply as it was not in effect during the relevant assessment year. The appeal was dismissed, and capital gains were computed at Rs. 2,28,902. Case-Laws Income Tax Mon, 08 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69480