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1981 (2) TMI 63 - HC - Income TaxExtract: .......t agricultural land and hence capital gains tax was liable to be paid by the assessee in respect of the profit which he made on the sale of these lands. We, therefore, answer the question referred to us in the negative, that is, in favour of the assessee and against the revenue. The Commissioner will pay the costs of this reference to the assessee.
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