https://www.taxtmi.com/caselaws?id=178028 Agricultural land recorded in revenue records, assessed to land revenue, lying beyond the prescribed municipal distance and never converted to non-agricultural use is outside the definition of "capital asset" under section 2(14)(iii) of the Income-tax Act, 1961. The absence of agricultural income or proved agricultural operations for part of the holding period does not, by itself, change the character of the land where the statutory geographical exclusion is satisfied and surrounding circumstances support agricultural status. On these facts, the surplus on sale is not chargeable to capital gains tax. en-us Mon, 30 Dec 2013 00:00:00 +0530 Mon, 22 Aug 2016 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178028 Agricultural land recorded in revenue records, assessed to land revenue, lying beyond the prescribed municipal distance and never converted to non-agricultural use is outside the definition of "capital asset" under section 2(14)(iii) of the Income-tax Act, 1961. The absence of agricultural income or proved agricultural operations for part of the holding period does not, by itself, change the character of the land where the statutory geographical exclusion is satisfied and surrounding circumstances support agricultural status. On these facts, the surplus on sale is not chargeable to capital gains tax. Case-Laws Income Tax Mon, 30 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178028