https://www.taxtmi.com/caselaws?id=17184 Agricultural land acquired by the Government was examined for capital gains treatment under the statutory exclusion for agricultural land. The controlling point was the interpretation of the population test in section 2(14)(iii)(a): the relevant population criterion applies to the municipality or cantonment board as a whole, not to any part of the municipal area or a former village area within it. Applying the settled Supreme Court rule, the land did not escape capital asset status on the argument advanced, and the issue was resolved in favour of the Revenue. en-us Tue, 20 Jan 1998 00:00:00 +0530 Tue, 15 Sep 2009 16:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17184 Agricultural land acquired by the Government was examined for capital gains treatment under the statutory exclusion for agricultural land. The controlling point was the interpretation of the population test in section 2(14)(iii)(a): the relevant population criterion applies to the municipality or cantonment board as a whole, not to any part of the municipal area or a former village area within it. Applying the settled Supreme Court rule, the land did not escape capital asset status on the argument advanced, and the issue was resolved in favour of the Revenue. Case-Laws Income Tax Tue, 20 Jan 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17184