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2001 (5) TMI 170 - AT - Income TaxExtract: .......ands of the assessee. The sale proceeds of the water cannot be treated as capital receipt because no capital asset is either being sold or transferred. The consideration from the selling of water is not a casual receipt. For all these reasons, the assessee has to fail and the appeal has to be dismissed. 14. In the result, the appeals are dismissed.
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