https://www.taxtmi.com/caselaws?id=12550 Agricultural land transferred in village Nangal Dewat was treated as a taxable capital asset because the statutory exclusion in the definition of capital asset was applied according to its plain language. The relevant population criterion was linked to the municipality or cantonment board, not to an undefined village or local area within municipal limits. Applying literal and golden-rule interpretation, the exclusion could not be enlarged by adding words to cover village land merely because it lay within a municipal area. Capital gains arising from the transfer were therefore chargeable to tax, and the Revenue succeeded on the substantive issue. en-us Tue, 28 May 2002 00:00:00 +0530 Wed, 20 May 2009 10:29:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12550 Agricultural land transferred in village Nangal Dewat was treated as a taxable capital asset because the statutory exclusion in the definition of capital asset was applied according to its plain language. The relevant population criterion was linked to the municipality or cantonment board, not to an undefined village or local area within municipal limits. Applying literal and golden-rule interpretation, the exclusion could not be enlarged by adding words to cover village land merely because it lay within a municipal area. Capital gains arising from the transfer were therefore chargeable to tax, and the Revenue succeeded on the substantive issue. Case-Laws Income Tax Tue, 28 May 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12550