https://www.taxtmi.com/caselaws?id=21191 The court affirmed that the agricultural land in question became a 'capital asset' on April 1, 1970, following an amendment to the Income-tax Act, 1961. However, the court ruled against the assessee regarding the computation of capital gains, stating that the cost of acquisition should be the original cost or the market value as of January 1, 1954, not the market value as of April 1, 1970. The Department was awarded costs assessed at Rs. 300. en-us Thu, 30 Apr 1992 00:00:00 +0530 Fri, 01 Apr 2016 14:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21191 The court affirmed that the agricultural land in question became a 'capital asset' on April 1, 1970, following an amendment to the Income-tax Act, 1961. However, the court ruled against the assessee regarding the computation of capital gains, stating that the cost of acquisition should be the original cost or the market value as of January 1, 1954, not the market value as of April 1, 1970. The Department was awarded costs assessed at Rs. 300. Case-Laws Income Tax Thu, 30 Apr 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21191