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Revision u/s 263 - CIT himself accepted that gains on sale of Medchal land has to be assessed under the head Long term capital gains . The gain is taxable at the rate of 20 only. Whether it is taxed in A.Y. 2007-08 or in later years the tax rate is at 20 only. Thus there is no prejudice caused to Revenue - Tri

Income Tax - Revision u/s 263 - CIT himself accepted that gains on sale of Medchal land has to be assessed under the head Long term capital gains . The gain is taxable at the rate of 20% only. Whether .....

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