https://www.taxtmi.com/caselaws?id=66554 Agricultural land situated within a Gram Panchayat but outside a municipality, municipal corporation or cantonment board is not treated as a capital asset merely because the local population exceeds 10,000. Section 2(14)(iii)(a) applies only where the land is within the jurisdiction of the specified municipal or cantonment body, and the population requirement attaches to that body, not to a rural village area. A Gram Panchayat is a distinct rural local authority and is not equivalent to a municipality. On that reasoning, agricultural land under a Gram Panchayat remains outside the capital asset definition and capital gains tax is not chargeable. en-us Mon, 14 Jun 1993 00:00:00 +0530 Mon, 28 Feb 2011 11:46:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66554 Agricultural land situated within a Gram Panchayat but outside a municipality, municipal corporation or cantonment board is not treated as a capital asset merely because the local population exceeds 10,000. Section 2(14)(iii)(a) applies only where the land is within the jurisdiction of the specified municipal or cantonment body, and the population requirement attaches to that body, not to a rural village area. A Gram Panchayat is a distinct rural local authority and is not equivalent to a municipality. On that reasoning, agricultural land under a Gram Panchayat remains outside the capital asset definition and capital gains tax is not chargeable. Case-Laws Income Tax Mon, 14 Jun 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66554