https://www.taxtmi.com/caselaws?id=177428 The case involved the interpretation of the Income-tax Act, 1961 regarding capital gains tax on the sale of agricultural land beyond municipal limits. The respondents sold inherited agricultural land in a village beyond 8 km of municipal limits, divided into plots for sale. The assessing authority imposed capital gains tax, alleging non-agricultural use. The Appellate Assistant Commissioner ruled in favor of the respondents, stating the land was agricultural and exempt from tax. The Tribunal and High Court upheld this decision, concluding the land was agricultural and not subject to capital gains tax under the Income-tax Act, 1961. en-us Fri, 25 Feb 2005 00:00:00 +0530 Sat, 09 Jan 2016 10:32:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177428 The case involved the interpretation of the Income-tax Act, 1961 regarding capital gains tax on the sale of agricultural land beyond municipal limits. The respondents sold inherited agricultural land in a village beyond 8 km of municipal limits, divided into plots for sale. The assessing authority imposed capital gains tax, alleging non-agricultural use. The Appellate Assistant Commissioner ruled in favor of the respondents, stating the land was agricultural and exempt from tax. The Tribunal and High Court upheld this decision, concluding the land was agricultural and not subject to capital gains tax under the Income-tax Act, 1961. Case-Laws Income Tax Fri, 25 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177428