https://www.taxtmi.com/caselaws?id=264087 The High Court dismissed the appeal, affirming the ITAT's decision on the taxability of capital gains from the sale of agricultural land. The Court clarified that the distance criterion for exempting agricultural land as a capital asset under Section 2(14)(iii)(b) should be measured from the land to the outer limit of the municipality by road, not as the crow flies. The judgment emphasized the legal soundness of the ITAT's interpretation and concluded that no substantial question of law arose in the case. en-us Mon, 14 Sep 2015 00:00:00 +0530 Sat, 07 Nov 2015 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264087 The High Court dismissed the appeal, affirming the ITAT's decision on the taxability of capital gains from the sale of agricultural land. The Court clarified that the distance criterion for exempting agricultural land as a capital asset under Section 2(14)(iii)(b) should be measured from the land to the outer limit of the municipality by road, not as the crow flies. The judgment emphasized the legal soundness of the ITAT's interpretation and concluded that no substantial question of law arose in the case. Case-Laws Income Tax Mon, 14 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264087