Bombay High Court Upholds Capital Gains Treatment for Land Sale by Estate Administrator — Assessee Not a Trader in Land. Surplus from sale of inherited land held as capital gain, not business income, under Income Tax Act, 1961.
24 Apr 2012The case involved a reference under Section 256(1) of the Income Tax Act, 1961, at the instance of the Revenue, challenging the Tribunal's decision th...
