https://www.taxtmi.com/caselaws?id=182164 Section 12B imposing tax on capital gains was treated as valid because its constitutional challenge had already been upheld by the Supreme Court, leaving no basis to dispute the provision. The assessment of capital gains on the land sale was also sustained because the assessee did not prove agricultural use or agricultural income. The land had been used for building activity and for a school, so it did not fall within the agricultural exclusion in section 2(4A) and the gain remained taxable under section 12B. en-us Fri, 07 Dec 1956 00:00:00 +0530 Wed, 04 May 2016 11:31:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182164 Section 12B imposing tax on capital gains was treated as valid because its constitutional challenge had already been upheld by the Supreme Court, leaving no basis to dispute the provision. The assessment of capital gains on the land sale was also sustained because the assessee did not prove agricultural use or agricultural income. The land had been used for building activity and for a school, so it did not fall within the agricultural exclusion in section 2(4A) and the gain remained taxable under section 12B. Case-Laws Income Tax Fri, 07 Dec 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182164