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Income Tax - Highlights / Catch Notes

Home Highlights June 2015 Year 2015 This

Revision u/s 263 - CIT himself accepted that gains on sale of ...

Income Tax

June 30, 2015

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 - AT

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