SHAHNAJ,NEAR BHERUDANJI WELL vs. INCOME TAX OFFICER, WARD-2, INCOME TAX OFFICE

In the result, the appeal of the assessee is allowed

Bench: Dr. S. Seethalakshmi & Dr Mitha Lal Meenasmt. Shanaj Vs The Ito W/O Shri Aslam Khan Ward-2, Churu, Near Bherudan Ji Well,Ward No. 22 Churu Sardarshahar,Churu – 331 403 (Appellant) (Respondent) Pan No. Fpmps 3570 D

vii) of the act are applicable on Capital Assets and not on agriculture land. It is further to submit that according to the definition of ‘capital gain’ in section 45 of the Income-tax Act, 1961, the capital gain is chargeable on the transfer of ‘capital asset’ only and not otherwise. Hence, if the transfer is not of a capital