https://www.taxtmi.com/caselaws?id=70078 The Tribunal held that a town panchayat like Musiri does not qualify as a 'municipality' under section 2(14)(iii)(a) of the Income-tax Act, 1961. Therefore, the sale of agricultural land in Musiri is not subject to capital gains tax. The appeal was successful, and the assessed capital gains were removed. en-us Tue, 17 Oct 1978 00:00:00 +0530 Mon, 13 Jun 2011 17:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70078 The Tribunal held that a town panchayat like Musiri does not qualify as a 'municipality' under section 2(14)(iii)(a) of the Income-tax Act, 1961. Therefore, the sale of agricultural land in Musiri is not subject to capital gains tax. The appeal was successful, and the assessed capital gains were removed. Case-Laws Income Tax Tue, 17 Oct 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70078