https://www.taxtmi.com/caselaws?id=71440 Agricultural land compulsorily acquired was held to be a capital asset where it fell within the statutory urban limits, so capital gains tax applied under the amended definition. The exclusion for agricultural land did not protect land situated within those specified limits. On exemption, section 54E was construed beneficially in compulsory acquisition cases: where compensation was received later than transfer, the six-month investment period was reckoned from receipt of compensation, not from the date of transfer. Investment in specified assets within that period qualified for exemption to that extent. en-us Wed, 15 Jan 1992 00:00:00 +0530 Sat, 23 Apr 2011 14:38:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71440 Agricultural land compulsorily acquired was held to be a capital asset where it fell within the statutory urban limits, so capital gains tax applied under the amended definition. The exclusion for agricultural land did not protect land situated within those specified limits. On exemption, section 54E was construed beneficially in compulsory acquisition cases: where compensation was received later than transfer, the six-month investment period was reckoned from receipt of compensation, not from the date of transfer. Investment in specified assets within that period qualified for exemption to that extent. Case-Laws Income Tax Wed, 15 Jan 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71440