https://www.taxtmi.com/caselaws?id=62788 Agricultural land in a rural area of Delhi was held not to fall within the capital asset definition merely because the Delhi Municipal Corporation Act extended territorially to Delhi. The analysis treated section 2(14)(iii)(a) as confined to urban municipal areas, noting that the Finance Act, 1970 targeted urban lands and that Delhi's statutory scheme preserved a separate rural character under the Panchayat and land reforms laws. On that basis, rural agricultural land remained outside capital gains taxation, and the capital gains addition was unsustainable. en-us Tue, 07 Dec 1982 00:00:00 +0530 Fri, 21 Jan 2011 17:27:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62788 Agricultural land in a rural area of Delhi was held not to fall within the capital asset definition merely because the Delhi Municipal Corporation Act extended territorially to Delhi. The analysis treated section 2(14)(iii)(a) as confined to urban municipal areas, noting that the Finance Act, 1970 targeted urban lands and that Delhi's statutory scheme preserved a separate rural character under the Panchayat and land reforms laws. On that basis, rural agricultural land remained outside capital gains taxation, and the capital gains addition was unsustainable. Case-Laws Income Tax Tue, 07 Dec 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62788