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CIT Confirms Medchal Land Sale Gains as Long-Term Capital Gains; 20% Tax Rate Applicable; No Section 263 Revision Needed.

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Full Text of the Document

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....Revision u/s 263 - CIT himself accepted that gains on sale of Medchal land has to be assessed under the head "Long term capital gains". The gain is taxable at the rate of 20% only. Whether it is taxed in A.Y. 2007-08 or in later years, the tax rate is at 20% only. Thus, there is no prejudice caused to Revenue - AT....

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