https://www.taxtmi.com/caselaws?id=16810 The High Court held that the transfer of agricultural land within municipal limits attracted capital gains tax liability under the Income-tax Act. The court ruled in favor of the Revenue, overturning the Tribunal's decision, and emphasized that the sale of specified agricultural lands within municipal limits would result in capital gains tax obligations. The judgment clarified that the conversion of land into cash through sale constituted capital gains chargeable to income tax, distinguishing agricultural income from capital gains. en-us Wed, 03 Sep 1997 00:00:00 +0530 Sat, 12 Sep 2009 13:16:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16810 The High Court held that the transfer of agricultural land within municipal limits attracted capital gains tax liability under the Income-tax Act. The court ruled in favor of the Revenue, overturning the Tribunal's decision, and emphasized that the sale of specified agricultural lands within municipal limits would result in capital gains tax obligations. The judgment clarified that the conversion of land into cash through sale constituted capital gains chargeable to income tax, distinguishing agricultural income from capital gains. Case-Laws Income Tax Wed, 03 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16810