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1997 (1) TMI 38 - MADRAS HIGH COURTExtract: .......trade. Considering the nature of the transaction, we have to hold that the gains arising from the sale of the land, should be assessed under the head Capital gains , since what was sold was only investment and not stock-in-trade. Accordingly, we answer questions Nos. (2) to (4) referred to us in the affirmative and against the Department. No costs.
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