https://www.taxtmi.com/caselaws?id=16657 The High Court held that capital gains from the transfer of agricultural land within municipal limits are subject to capital gains tax, contrary to the Tribunal's decision. The court referred to a previous case and the Explanation in the Income-tax Act, clarifying that such gains are not exempt from taxation. The judgment favored the Revenue, concluding that income arising from the sale of agricultural land within municipal limits is chargeable to income tax. en-us Mon, 22 Sep 1997 00:00:00 +0530 Wed, 09 Sep 2009 12:17:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16657 The High Court held that capital gains from the transfer of agricultural land within municipal limits are subject to capital gains tax, contrary to the Tribunal's decision. The court referred to a previous case and the Explanation in the Income-tax Act, clarifying that such gains are not exempt from taxation. The judgment favored the Revenue, concluding that income arising from the sale of agricultural land within municipal limits is chargeable to income tax. Case-Laws Income Tax Mon, 22 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16657