https://www.taxtmi.com/caselaws?id=13177 Capital gain from acquisition of the assessee's land was not assessable in assessment year 1965-66 because the charge had to be tested by reference to the assessee's chosen previous year under section 3 of the Income-tax Act, 1961. Section 3(3) allowed a different previous year for a separate source of income, but no such different year was claimed for capital gains. As the land vested in the Government only after the end of the calendar year ending 31 December 1964, the gain fell outside the relevant previous year and could not be taxed in that assessment year. en-us Wed, 13 Jun 2001 00:00:00 +0530 Tue, 26 May 2009 18:01:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13177 Capital gain from acquisition of the assessee's land was not assessable in assessment year 1965-66 because the charge had to be tested by reference to the assessee's chosen previous year under section 3 of the Income-tax Act, 1961. Section 3(3) allowed a different previous year for a separate source of income, but no such different year was claimed for capital gains. As the land vested in the Government only after the end of the calendar year ending 31 December 1964, the gain fell outside the relevant previous year and could not be taxed in that assessment year. Case-Laws Income Tax Wed, 13 Jun 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13177