Karnataka H.C : A sum of Rs. 29,83,050 derived by the assessee from the sale of 28,510 sq. ft. of land received by the assessee for developing of 2 acres 29 guntas of agricultural land belonging to Sri Anjanappa into a residential layout should be treated as the capital asset of the assessee and indexation allowed by bringing the said income to tax under the head ‘Capital gains’
High Court Of Karnataka CIT & ANR. vs. S. Rajamannar Section 28(i), 45 Asst. Year 1997-98 K.L. Manjunath & Mrs. […]