https://www.taxtmi.com/caselaws?id=60864 Retrospective amendment to the definition of agricultural income brings relevant agricultural land sale receipts within the capital gains framework. Where agricultural land became a capital asset on 1 April 1970, fair market value on that conversion date is treated as the cost of acquisition for capital gains computation. Compensation from compulsory acquisition is taxable in the hands of the landowner identified through revenue records. Relief for reinvestment and deductions against enhanced compensation require examination of the finality of acquisition proceedings, timing of compensation payment, applicable circular guidance, litigation expenditure and acquisition-related hazards under the capital gains computation provisions. en-us Mon, 20 Jan 1992 00:00:00 +0530 Sat, 08 Jan 2011 13:35:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60864 Retrospective amendment to the definition of agricultural income brings relevant agricultural land sale receipts within the capital gains framework. Where agricultural land became a capital asset on 1 April 1970, fair market value on that conversion date is treated as the cost of acquisition for capital gains computation. Compensation from compulsory acquisition is taxable in the hands of the landowner identified through revenue records. Relief for reinvestment and deductions against enhanced compensation require examination of the finality of acquisition proceedings, timing of compensation payment, applicable circular guidance, litigation expenditure and acquisition-related hazards under the capital gains computation provisions. Case-Laws Income Tax Mon, 20 Jan 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60864