https://www.taxtmi.com/caselaws?id=12550 The article explains that the exclusion of agricultural land from "capital asset" under section 2(14)(iii) must be read strictly on its plain language. It states that the statutory exception applies only where the land is situated within the jurisdiction of a municipality or cantonment board and the prescribed population condition is met. The Delhi High Court is described as rejecting any expansion of the exemption to village land merely because the village forms part of a municipal area, applying the literal and golden rules of interpretation. On that basis, the land was treated as falling within the taxable capital gains net. 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 The article explains that the exclusion of agricultural land from "capital asset" under section 2(14)(iii) must be read strictly on its plain language. It states that the statutory exception applies only where the land is situated within the jurisdiction of a municipality or cantonment board and the prescribed population condition is met. The Delhi High Court is described as rejecting any expansion of the exemption to village land merely because the village forms part of a municipal area, applying the literal and golden rules of interpretation. On that basis, the land was treated as falling within the taxable capital gains net. Case-Laws Income Tax Tue, 28 May 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12550