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1977 (9) TMI 54 - ITAT MADRAS-DExtract: .......e under the sale deed dt. 15th June, 1972 was not a capital asset within the meaning of the said expression as defined in s. 2(14) of the IT Act, 1961 on the date of sale and consequently gains arising therefrom is not liable to be taxed under s. 45 of the IT Act, 1961. 14. In the result the orders of the CIT are cancelled. The appeals are allowed.
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