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1986 (7) TMI 2 - SC - Income TaxThe assessee was the full proprietor of the two pieces of land and for an indefinite period. The reason for acquiring the land was no doubt to provide a ready supply of earth to the work site nearby, but there was nothing to prevent the assessee from continuing as owner of the land even after the railway contract had been executed and putting it to any other use - Land is not stock-in-trade, but a fixed asset and loss from its sale thereon is capital in nature.
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