https://www.taxtmi.com/caselaws?id=17567 Section 2(1A) covers income from agricultural operations, rent or revenue derived from agricultural land, and does not extend to gains from transfer of land itself. Section 2(14)(iii) excludes agricultural land situated within specified municipal limits from the capital asset definition, so its transfer can fall within the capital gains charging framework. Article 366(1) adopts the Income-tax Act definition of agricultural income for constitutional purposes, leaving Parliament competent under entry 82 of List I to amend the tax law. The Finance Act, 1989 Explanation was treated as a clarification of the existing scheme, and the statutory provisions were upheld as valid. en-us Mon, 08 Apr 1996 00:00:00 +0530 Wed, 23 Sep 2009 13:18:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17567 Section 2(1A) covers income from agricultural operations, rent or revenue derived from agricultural land, and does not extend to gains from transfer of land itself. Section 2(14)(iii) excludes agricultural land situated within specified municipal limits from the capital asset definition, so its transfer can fall within the capital gains charging framework. Article 366(1) adopts the Income-tax Act definition of agricultural income for constitutional purposes, leaving Parliament competent under entry 82 of List I to amend the tax law. The Finance Act, 1989 Explanation was treated as a clarification of the existing scheme, and the statutory provisions were upheld as valid. Case-Laws Income Tax Mon, 08 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17567