https://www.taxtmi.com/caselaws?id=59176 A notification treating Kalwa as an urban area was held to operate prospectively because section 2(14)(iii)(b) did not authorise retrospective effect, so a pre-notification sale was not brought to capital gains tax. The land was also found to retain its agricultural character, based on the sale deeds, revenue records, agricultural receipts, paddy cultivation, and the surrounding evidence of actual use, leaving the surplus outside capital gains. Depreciation on drawings and designs was allowed because the materials showed ownership, business use, and satisfaction of the prescribed particulars, and such manufacturing documents were treated as plant. en-us Mon, 14 Oct 1985 00:00:00 +0530 Sun, 06 Feb 2011 03:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59176 A notification treating Kalwa as an urban area was held to operate prospectively because section 2(14)(iii)(b) did not authorise retrospective effect, so a pre-notification sale was not brought to capital gains tax. The land was also found to retain its agricultural character, based on the sale deeds, revenue records, agricultural receipts, paddy cultivation, and the surrounding evidence of actual use, leaving the surplus outside capital gains. Depreciation on drawings and designs was allowed because the materials showed ownership, business use, and satisfaction of the prescribed particulars, and such manufacturing documents were treated as plant. Case-Laws Income Tax Mon, 14 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59176