https://www.taxtmi.com/caselaws?id=66532 The retrospective amendment to the definition of agricultural income under the Income-tax Act excludes gains from transfer of land covered by section 2(14), so capital gains arising from the sale of agricultural land within notified municipal limits are taxable. The text notes that the amended definition operates for income-tax purposes under the constitutional allocation of taxing power, and that the earlier view treating agricultural character as sufficient no longer applies after the statutory change. As a result, such transfer gains fall within the taxable capital gains regime notwithstanding the land's agricultural nature. en-us Fri, 30 Aug 1991 00:00:00 +0530 Sat, 26 Feb 2011 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66532 The retrospective amendment to the definition of agricultural income under the Income-tax Act excludes gains from transfer of land covered by section 2(14), so capital gains arising from the sale of agricultural land within notified municipal limits are taxable. The text notes that the amended definition operates for income-tax purposes under the constitutional allocation of taxing power, and that the earlier view treating agricultural character as sufficient no longer applies after the statutory change. As a result, such transfer gains fall within the taxable capital gains regime notwithstanding the land's agricultural nature. Case-Laws Income Tax Fri, 30 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66532