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of <h1>Delhi High Court: Capital Gains Tax on Agricultural Land in Rural Areas</h1> <h3>Commissioner of Income-Tax Versus Ranjit Singh, Budg Ram and Ram Chander</h3> Commissioner of Income-Tax Versus Ranjit Singh, Budg Ram and Ram Chander - [2004] 265 ITR 680, 136 TAXMANN 440 The High Court of Delhi ruled that section 2(14)(iii)(a) of the Income-tax Act, 1961 is applicable to rural areas of Union Territory of Delhi, and capital gain tax is applicable on the transfer of agricultural land in those areas. The decision was in favor of the Revenue and against the assessees. The references were disposed of with no order as to costs.
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