JUDGMENT :

Thakkar, J.

The assessee, Smt. Arundhati Balkrishna of Ahmedabad, whose main source of income is from interest on securities, income from dividends, and income from investment, etc., in her return of income filed in respect of the assessment year 1969-70 (sic) disclosed an income of Rs. 2,25,000. It appears that during the course of the relevant period the assessee had sold her 1/2 share in a parcel of land admeasuring 8,578 sq. yds. (her share being 4,289 sq. yds.) situated within the limits of the Municipal Corporation of Ahmedabad. The lands fell within the purview of a draft town planning scheme. The sale transaction yielded a sum of Rs. 2,34,063 (1/2 of Rs. 4,68,125). The assessee assumed the posture that this land which had originally cost a petty sum of Rs. 21,445 and which upon being sold resulted in a profit equivalent to about ten times its cost price (i.e., Rs.2,12,618) did not fall within the definition of "capital asset" as defined by section 2(14) of the I.T. Act of 1961, as it stood at the material time, mainly because of the following two factors, viz.,