https://www.taxtmi.com/caselaws?id=214289 Land is treated as agricultural for capital gains purposes when contemporaneous revenue records and competent-authority findings show continued cultivation, even if purchase bills for seeds, fertilisers or insecticides are unavailable. Adangal entries, returns describing the land as agricultural, and the revenue authority's certificate supported agricultural user, while the levy of urban land tax did not by itself change the land's character. On those facts, the land did not fall within the definition of capital asset under Section 2(14) of the Income-tax Act, 1961, and the surplus on sale was not chargeable to long-term capital gains tax. en-us Thu, 16 Feb 2012 00:00:00 +0530 Fri, 15 Jun 2012 15:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214289 Land is treated as agricultural for capital gains purposes when contemporaneous revenue records and competent-authority findings show continued cultivation, even if purchase bills for seeds, fertilisers or insecticides are unavailable. Adangal entries, returns describing the land as agricultural, and the revenue authority's certificate supported agricultural user, while the levy of urban land tax did not by itself change the land's character. On those facts, the land did not fall within the definition of capital asset under Section 2(14) of the Income-tax Act, 1961, and the surplus on sale was not chargeable to long-term capital gains tax. Case-Laws Income Tax Thu, 16 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214289