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1993 (9) TMI 83 - HC - Income TaxExtract: .......w of the foregoing discussion, we hold that in the instant case, for the purpose of determining capital gains , the cost of acquisition of the agricultural land belonging to the assessee has to be taken as on January 1, 1954, and not as on April 1, 1970. The question is answered accordingly, i. e., in favour of the Revenue and against the assessee.
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