https://www.taxtmi.com/caselaws?id=374097 Land sold in Village Chhawla was held to be agricultural land situated in a rural area on the date of transfer. A later notification treating the village as urban could not operate retrospectively to alter its character for the relevant assessment year. As the land fell outside the definition of "capital asset" under Section 2(14)(iii) of the Income-tax Act, no charge to capital gains arose under Section 45. The long-term capital gain addition was therefore unsustainable and was deleted, with the assessee succeeding on merits. en-us Mon, 21 Jan 2019 00:00:00 +0530 Fri, 25 Jan 2019 09:14:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374097 Land sold in Village Chhawla was held to be agricultural land situated in a rural area on the date of transfer. A later notification treating the village as urban could not operate retrospectively to alter its character for the relevant assessment year. As the land fell outside the definition of "capital asset" under Section 2(14)(iii) of the Income-tax Act, no charge to capital gains arose under Section 45. The long-term capital gain addition was therefore unsustainable and was deleted, with the assessee succeeding on merits. Case-Laws Income Tax Mon, 21 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374097