Supreme Court · 1996 INSC 456 · Decided 27 March 1996
Commissioner of Income Tax, Madras v. Gemini Pictures Circuit PVT. LTD.
- Court
- Supreme Court of India
- Citation
- 1996 INSC 456 · [1996] 3 S.C.R. 1008
- Case number
- CIVIL APPEAL No. 6133/1983
- Decided
- 27 March 1996
- Bench
- B.P. JEEVAN REDDY, S. SAGHIR AHMAD (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 45
Headnote
Income Tax Act, I961 : Sections 2 (14)(iii), 45 and 47(viii)-!ncome Tax liability as capital C gain from ''Agiicultural Land in India "which is purchased and subsequently sold, will be alloweJ,--Mere fact that a p01tion of the said land· in heart of city being used for raising bananas Land'c._J'Agiicultural Land in India" whether a capital asset-Factors Relevant for the purpose-Nature and character of D land, environment and situation--lntention of the assesses at the time of purc!zase--Previous, present and future use of land-Pote_ntial value, Revenue Records
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