https://www.taxtmi.com/caselaws?id=16731 Agricultural land situated within the limits of a municipality having the prescribed population, or within the specified distance from those limits, falls within the amended definition of "capital asset" under section 2(14)(iii) of the Income-tax Act, read with the retrospective Explanation below section 2(1A). Where such land is transferred, the compensation or gains arising from acquisition are taxable as capital gains. The principle applied is that the statutory amendment brings these lands within the capital gains net despite their agricultural character. On that basis, compensation received on acquisition of the land was held taxable under the head "Capital gains". en-us Thu, 05 Feb 1998 00:00:00 +0530 Wed, 09 Sep 2009 17:00:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16731 Agricultural land situated within the limits of a municipality having the prescribed population, or within the specified distance from those limits, falls within the amended definition of "capital asset" under section 2(14)(iii) of the Income-tax Act, read with the retrospective Explanation below section 2(1A). Where such land is transferred, the compensation or gains arising from acquisition are taxable as capital gains. The principle applied is that the statutory amendment brings these lands within the capital gains net despite their agricultural character. On that basis, compensation received on acquisition of the land was held taxable under the head "Capital gains". Case-Laws Income Tax Thu, 05 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16731