https://www.taxtmi.com/caselaws?id=181328 Agricultural land acquired compulsorily was treated as a capital asset because the Faridabad Administration Complex was found, on its powers and functions, to be legally and functionally akin to a municipality for section 2(14)(iii)(a). As a result, the land lost the statutory exclusion available to agricultural land. Once the land was characterised as a capital asset and the transfer was taken to occur on the date of award and possession, the compensation received on acquisition fell within the capital gains charging provision under section 45. The Revenue's stand on taxability of the acquisition compensation was sustained. en-us Tue, 12 Dec 2000 00:00:00 +0530 Wed, 13 Apr 2016 16:29:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181328 Agricultural land acquired compulsorily was treated as a capital asset because the Faridabad Administration Complex was found, on its powers and functions, to be legally and functionally akin to a municipality for section 2(14)(iii)(a). As a result, the land lost the statutory exclusion available to agricultural land. Once the land was characterised as a capital asset and the transfer was taken to occur on the date of award and possession, the compensation received on acquisition fell within the capital gains charging provision under section 45. The Revenue's stand on taxability of the acquisition compensation was sustained. Case-Laws Income Tax Tue, 12 Dec 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181328