Tape or any other form income tax exemption

Tape or any other form of electro-magnetic data storage device business includes any trade commerce or manufacture or any adventure or concern in the nature of trade 12a registration(intimation of assessment) commerce or manufacture capital asset means property of any kind held by an assessee whether or not connected with his business or profession but does not include any stock-in-trade, consumable stores or raw materials held for the purposes of his business or profession personal effects that is to say movable property including wearing apparel and furnitwe but excluding jewellery held for personal use by the assessee or any member of his family dependent on him Explanation For the purposes of this sub-clause Jewellery includes ornaments made of gold silver platinum or any other precious metal or any alloy containing one or more of such 80g precious metals  whether or not containing any precious or semiprecious stone and whether or not worked or sewn into any wearing apparel precious or semi-precious stones whether or not set in any furniture utensil or other article or worked or sewn into any wearing apparel agJiculturalland in India, not being land situate in any area which is comprised Within the jurisdiction of a municipality whether known as a municipality  municipal corporation notified area committee town area committee town committee or by any other name or a cantonment board and which has a population of not less than ten thousand according to the last preceding census of which application indian company relevarlt figures have been published before the first day of the previous year or For relevant case laws see Taxmann’s Master Guide to Income-tax Act. For the meaning of the terms expressions business ade adventure and in the nature of trade see Taxmalm’s Direct Taxes Manua, For the meaning of the term property see Taxmann’s Direct Taxes Manual substituted by the Finance Act,  the meaning of the expressions personal effects and personal use see Taxmann’s Direct Taxes Manual substituted for agricultural land in India by the Finance Act, For the meaning of the terms expressions agricultural land municipality and population see Taxmann’s Direct Taxes.