https://www.taxtmi.com/caselaws?id=118649 Agricultural land is excluded from capital asset status under section 2(14)(iii) only when it is not situated within the jurisdiction of a municipality, municipal corporation or similar local authority meeting the statutory population condition. The decisive test is the land's location within the municipal limits, not the population of the village or locality in which it lies. On that basis, land within municipal corporation limits does not qualify for the agricultural land exemption merely because the village population is below 10,000. The sale proceeds were therefore taxable as capital gains because the land was treated as a capital asset. en-us Mon, 07 Nov 2005 00:00:00 +0530 Wed, 04 Jul 2012 17:19:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118649 Agricultural land is excluded from capital asset status under section 2(14)(iii) only when it is not situated within the jurisdiction of a municipality, municipal corporation or similar local authority meeting the statutory population condition. The decisive test is the land's location within the municipal limits, not the population of the village or locality in which it lies. On that basis, land within municipal corporation limits does not qualify for the agricultural land exemption merely because the village population is below 10,000. The sale proceeds were therefore taxable as capital gains because the land was treated as a capital asset. Case-Laws Income Tax Mon, 07 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118649