https://www.taxtmi.com/caselaws?id=197119 Land sold by the assessee was examined under section 2(14) to determine whether it qualified as agricultural land excluded from capital asset treatment. On Third Member reference under section 255(4), the view accepted was that the land was not agricultural land; accordingly, it fell within the definition of a capital asset. The transfer was therefore subject to capital gains tax under section 45, with the issue decided in favour of the Revenue. en-us Thu, 07 May 2015 00:00:00 +0530 Thu, 28 Dec 2017 07:31:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197119 Land sold by the assessee was examined under section 2(14) to determine whether it qualified as agricultural land excluded from capital asset treatment. On Third Member reference under section 255(4), the view accepted was that the land was not agricultural land; accordingly, it fell within the definition of a capital asset. The transfer was therefore subject to capital gains tax under section 45, with the issue decided in favour of the Revenue. Case-Laws Income Tax Thu, 07 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197119