https://www.taxtmi.com/caselaws?id=273869 Land shown in the revenue records as agricultural land, supported by Chitta and Adangal entries and situated beyond the prescribed municipal distance, was treated as outside the definition of capital asset. The record also supported agricultural activity, including nursery operations, and the statutory conditions for exclusion from capital gains tax were held to be satisfied. On those facts, the land retained its agricultural character and the sale consideration was not liable to capital gains tax. en-us Wed, 22 Nov 2017 00:00:00 +0530 Wed, 18 Jul 2018 06:08:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273869 Land shown in the revenue records as agricultural land, supported by Chitta and Adangal entries and situated beyond the prescribed municipal distance, was treated as outside the definition of capital asset. The record also supported agricultural activity, including nursery operations, and the statutory conditions for exclusion from capital gains tax were held to be satisfied. On those facts, the land retained its agricultural character and the sale consideration was not liable to capital gains tax. Case-Laws Income Tax Wed, 22 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273869