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1998 (2) TMI 88 - HC - Income TaxExtract: .......definition of capital asset . Any income by way of capital gains, arising on the transfer of such agricultural land, shall be subjected to tax. For the reasons recorded in Tuhi Ram s case 1993 199 ITR 490 (P and H), this reference is disposed of with answer to the question in the negative, i.e., in favour of the Department and against the assessee.
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