https://www.taxtmi.com/caselaws?id=13478 The Supreme Court held that capital gains arising from the acquisition of agricultural lands within municipal limits are taxable under the Income-tax Act, 1961. The court emphasized that the cost of acquisition of leasehold rights can be determined, unlike in cases of goodwill. In this specific case, the land was allotted before March 1, 1970, when agricultural land within municipal limits was declared a capital asset. The court ruled that while the capital gain is taxable, the cost for calculating capital gain tax should be determined as of March 1, 1970. en-us Wed, 13 Dec 2006 00:00:00 +0530 Fri, 29 May 2009 11:37:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13478 The Supreme Court held that capital gains arising from the acquisition of agricultural lands within municipal limits are taxable under the Income-tax Act, 1961. The court emphasized that the cost of acquisition of leasehold rights can be determined, unlike in cases of goodwill. In this specific case, the land was allotted before March 1, 1970, when agricultural land within municipal limits was declared a capital asset. The court ruled that while the capital gain is taxable, the cost for calculating capital gain tax should be determined as of March 1, 1970. Case-Laws Income Tax Wed, 13 Dec 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13478