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1971 (12) TMI 34 - HC - Income TaxAssessee’s father, Kolappa Pillai, purchased from the Maharajah of Travancore on 18th August, 1956, a landed property known as Singarathope having an extent of a little over 9 acres situated within the municipal limits of Trivandrum town for Rs. 34,500, including registration expenses - Whether sale of agricultural land in town as building sites results in capital gains - It cannot be held that the property cease to be agricultural by the mere intention of the assessee to convert it into housing sites - Tribunal was right in not treating the land in question as a capital asset and also in holding that the income derived by the sale of the land was not assessable as capital gains.
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