Tax is chargeable on the capital gains arising from the transfer of a 'capital asse' u/s 45 of the Income-tax Act, 1961.

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....Order-Instruction<br>Income Tax<br>INSTRUCTION NO. 1014/CBDT Dated : September 30, 1976 Section(s) Referred: 2(14) Statute: Income - Tax Act, 1961 Under Section 45 of the&nbsp;Income-tax A....

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....ing on agricultural land would come within the purview of the term &#39;agricultural land&#39;. The Board are of the view that rubber trees standing on agricultural land cannot be regarded as agricult....