https://www.taxtmi.com/caselaws?id=17166 The court ruled in favor of the Revenue, stating that capital gains tax may be applicable to the transfer of agricultural land within municipal limits, subject to specific conditions outlined in the law. The court directed the Tribunal to verify if the land met all necessary criteria before imposing the tax on the assessee. The decision emphasized that agricultural land within municipal limits meeting certain criteria is considered a capital asset subject to capital gains tax, as per the relevant provisions of the Income-tax Act. en-us Mon, 19 May 1997 00:00:00 +0530 Tue, 15 Sep 2009 15:23:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17166 The court ruled in favor of the Revenue, stating that capital gains tax may be applicable to the transfer of agricultural land within municipal limits, subject to specific conditions outlined in the law. The court directed the Tribunal to verify if the land met all necessary criteria before imposing the tax on the assessee. The decision emphasized that agricultural land within municipal limits meeting certain criteria is considered a capital asset subject to capital gains tax, as per the relevant provisions of the Income-tax Act. Case-Laws Income Tax Mon, 19 May 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17166