Court to Reassess Land Sale's Capital Gains and "Watan Land" Status u/s 2(47) of Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Accrual of Capital gain - sale of land or not? - real owner - transfer u/s 2(47) concluded of capital asset or not? - Assessee pleaded before the AO that it was a “Watan Land” hence there will be no cost of acquisition and hence no capital gain - Matter remanded back for de-novo adjudication - AT....