Rural agricultural land is not a capital asset, and hereditary ancestral land incurs no unexplained investment cost.
Rural agricultural land is not a capital asset, and hereditary ancestral land incurs no unexplained investment cost. Issue Whether the Assessing Officer was justified in taxing capital gains on the sale of rural agricultural land and making an addition for unexplained investment under Section 69B on hereditary ancestral land. Facts The assessee, an individual, did… Read More »