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The landowner chose to sell the TDRs he had received for surrendering 2,839 square metres of land. He sold them to a builder for Rs 6 crore but did not pay income tax on the proceeds. His understanding was that the amount received from the sale was a capital receipt and was therefore not taxable.
Oil prices fell on Tuesday after increasing nearly $2 a barrel the previous session. Concerns over energy supply disruptions from ongoing conflicts in the Middle East influenced market sentiment. Meanwhile, US sanctions on Russian fuel were temporarily lifted, allowing for additional diesel supply. OPEC revised its demand growth forecast downward, indicating overcapacity in the market.