TaxTMI 
TaxTMI 
2006 (7) TMI 167
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....d August 31, 1988, the following question of law was referred to this court by the Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh, arising out of order passed in I.T.A. Nos. 1176-1177 of 1979 for the assessment years 1974-75 and 1975-76: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in upholding the decision of the Appellate Assi....
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.... capital asset only with effect from February 28, 1970, when the amendment in section 2(14) of the Income-tax Act, 1961, (for short "the Act") was made. Before this date, the agricultural land owned by the assessee was not capital asset, so the assessee was right in taking the cost price of the land as on February 28, 1970, as against the cost adopted by the Assessing Officer as on January 1, 1954....
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....e price of the shares and the market price of the shares prevailing on the date when the shares were converted into stock-in-trade of the business in shares, and not the difference between the sale price and the price at which the shares were originally purchased by the assessee. No judgment taking a contrary view has been cited before us. In the present case also, by the amendment in the Act, agr....