https://www.taxtmi.com/caselaws?id=182164 Section 12B of the Income-tax Act, imposing tax on profits from sale of a capital asset, is constitutionally valid as settled by precedent; outcome: provision upheld against the assessee. The land at issue was alienated from the agricultural-income exclusion because the assessee commenced construction, derived no reliable agricultural income, and the property was used for buildings, playground and a school farm operated by others; legal principle applied: land used in connection with buildings is not agricultural land and thus remains a capital asset; outcome: the capital gains assessment on four fifths of the land is sustained against the assessee. 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 of the Income-tax Act, imposing tax on profits from sale of a capital asset, is constitutionally valid as settled by precedent; outcome: provision upheld against the assessee. The land at issue was alienated from the agricultural-income exclusion because the assessee commenced construction, derived no reliable agricultural income, and the property was used for buildings, playground and a school farm operated by others; legal principle applied: land used in connection with buildings is not agricultural land and thus remains a capital asset; outcome: the capital gains assessment on four fifths of the land is sustained against the assessee. Case-Laws Income Tax Fri, 07 Dec 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182164