This many be the correct position.You may refer to Dalmia cements vs DCIT,where in the court opined that unless the A.O records an explicit opinion,the matter is open for re-assessment.
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Discussion / Re: CAPITAL GAIN EXEMPTION
December 04, 2011, 06:25:22 PM
If the land is 'agricultural',then it is not a capital asset and hence no questio of any 'capital gains'
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