https://www.taxtmi.com/caselaws?id=70596 Agricultural land, when established on the facts as agricultural and treated as such in the assessment and acquisition proceedings, falls outside the taxable capital asset definition for capital gains purposes. The appellate view relied on binding precedent construing section 2(14) of the Income-tax Act, 1961, and rejected the contention that the land was not actually cultivated. On that basis, capital gains from transfer of the agricultural lands were directed to be excluded from assessment, and the revenue's appeals failed. en-us Thu, 25 Nov 1982 00:00:00 +0530 Mon, 13 Jun 2011 17:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70596 Agricultural land, when established on the facts as agricultural and treated as such in the assessment and acquisition proceedings, falls outside the taxable capital asset definition for capital gains purposes. The appellate view relied on binding precedent construing section 2(14) of the Income-tax Act, 1961, and rejected the contention that the land was not actually cultivated. On that basis, capital gains from transfer of the agricultural lands were directed to be excluded from assessment, and the revenue's appeals failed. Case-Laws Income Tax Thu, 25 Nov 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70596