https://www.taxtmi.com/caselaws?id=7909 A transfer of leasehold rights in agricultural land was held not to amount to a transfer of a capital asset for capital gains purposes under section 12B of the Indian Income-tax Act, 1922. The land produced only agricultural income, and land yielding agricultural income was excluded from the definition of "capital asset" under section 2(4A). Because the assessee transferred rights in agricultural land rather than a taxable capital asset, the surplus realised could not be assessed as capital gains. The reference was answered in favour of the assessee. en-us Thu, 15 May 1969 00:00:00 +0530 Tue, 24 Mar 2009 09:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7909 A transfer of leasehold rights in agricultural land was held not to amount to a transfer of a capital asset for capital gains purposes under section 12B of the Indian Income-tax Act, 1922. The land produced only agricultural income, and land yielding agricultural income was excluded from the definition of "capital asset" under section 2(4A). Because the assessee transferred rights in agricultural land rather than a taxable capital asset, the surplus realised could not be assessed as capital gains. The reference was answered in favour of the assessee. Case-Laws Income Tax Thu, 15 May 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7909