https://www.taxtmi.com/caselaws?id=333508 Land situated in village Juchandra, beyond 8 km from the notified municipal limits and outside the jurisdiction of the proposed municipal corporation on the relevant dates, was treated as agricultural land and therefore not a capital asset under section 2(14). The land's separate rural status during the year of sale, the later effective date of the final urban notification, and supporting revenue records and surrounding agricultural character showed that the surplus on sale was not chargeable as long-term capital gains. The addition treating the sale proceeds as taxable capital gains was accordingly found unjustified to that extent. en-us Thu, 25 Aug 2016 00:00:00 +0530 Wed, 11 Mar 2020 17:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333508 Land situated in village Juchandra, beyond 8 km from the notified municipal limits and outside the jurisdiction of the proposed municipal corporation on the relevant dates, was treated as agricultural land and therefore not a capital asset under section 2(14). The land's separate rural status during the year of sale, the later effective date of the final urban notification, and supporting revenue records and surrounding agricultural character showed that the surplus on sale was not chargeable as long-term capital gains. The addition treating the sale proceeds as taxable capital gains was accordingly found unjustified to that extent. Case-Laws Income Tax Thu, 25 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333508