https://www.taxtmi.com/caselaws?id=221286 Land situated in an extensively urbanised area near Panchkula, abutting National Highway 73 and close to developed sectors and civic infrastructure, was treated as falling within the municipal or notified urban zone for section 2(14)(iii) of the Income-tax Act, 1961. The Court read "municipality" broadly to include an area with the trappings of a local authority or an urban area developed by the Haryana Urban Development Authority, and held that agricultural character is not decisive where the land is otherwise within the relevant urban limits. The land was therefore regarded as a capital asset. en-us Thu, 28 Feb 2013 00:00:00 +0530 Thu, 24 Oct 2013 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221286 Land situated in an extensively urbanised area near Panchkula, abutting National Highway 73 and close to developed sectors and civic infrastructure, was treated as falling within the municipal or notified urban zone for section 2(14)(iii) of the Income-tax Act, 1961. The Court read "municipality" broadly to include an area with the trappings of a local authority or an urban area developed by the Haryana Urban Development Authority, and held that agricultural character is not decisive where the land is otherwise within the relevant urban limits. The land was therefore regarded as a capital asset. Case-Laws Income Tax Thu, 28 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221286