https://www.taxtmi.com/caselaws?id=219595 Agricultural land remains outside the definition of "capital asset" where the cumulative facts show continued agricultural character on the date of transfer. Revenue records, actual cultivation, returned agricultural income, absence of conversion for non-agricultural use, and no development activity supported that conclusion; mere location within the Hyderabad Airport Development Authority area or the possibility of future non-agricultural use did not, by itself, alter the land's status. The area authority was not a municipality for section 2(14)(iii), and the statutory exceptions did not apply. On that basis, the capital gains addition was unsustainable. en-us Wed, 12 Dec 2012 00:00:00 +0530 Wed, 19 Dec 2012 08:55:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219595 Agricultural land remains outside the definition of "capital asset" where the cumulative facts show continued agricultural character on the date of transfer. Revenue records, actual cultivation, returned agricultural income, absence of conversion for non-agricultural use, and no development activity supported that conclusion; mere location within the Hyderabad Airport Development Authority area or the possibility of future non-agricultural use did not, by itself, alter the land's status. The area authority was not a municipality for section 2(14)(iii), and the statutory exceptions did not apply. On that basis, the capital gains addition was unsustainable. Case-Laws Income Tax Wed, 12 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219595