https://www.taxtmi.com/caselaws?id=28565 The court held that the profit from the sale of agricultural lands was subject to capital gains tax as the lands qualified as capital assets at the time of transfer, irrespective of their status at acquisition. Relying on precedent, the court ruled in favor of the Revenue, directing the assessee to pay the tax on the amount from the sale of agricultural lands. en-us Wed, 25 Feb 1981 00:00:00 +0530 Tue, 23 Feb 2010 16:15:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28565 The court held that the profit from the sale of agricultural lands was subject to capital gains tax as the lands qualified as capital assets at the time of transfer, irrespective of their status at acquisition. Relying on precedent, the court ruled in favor of the Revenue, directing the assessee to pay the tax on the amount from the sale of agricultural lands. Case-Laws Income Tax Wed, 25 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28565