https://www.taxtmi.com/caselaws?id=280281 Agricultural land is excluded from the capital asset definition where revenue records, local certificates, location beyond municipal limits, continued agricultural use, and absence of conversion or change of user cumulatively show its agricultural character; a small old structure and lack of substantial agricultural income are not conclusive, and the purchaser's later intended use is irrelevant. On that basis, sale proceeds attributable to the land were not chargeable as capital gains. A separate amount received under a compromise, settlement, withdrawal of litigation, and assignment arrangement was treated as taxable because it was not consideration for transfer of the agricultural land itself. No addition under section 115JB was warranted on the facts. en-us Tue, 15 May 2018 00:00:00 +0530 Mon, 29 Apr 2019 10:05:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280281 Agricultural land is excluded from the capital asset definition where revenue records, local certificates, location beyond municipal limits, continued agricultural use, and absence of conversion or change of user cumulatively show its agricultural character; a small old structure and lack of substantial agricultural income are not conclusive, and the purchaser's later intended use is irrelevant. On that basis, sale proceeds attributable to the land were not chargeable as capital gains. A separate amount received under a compromise, settlement, withdrawal of litigation, and assignment arrangement was treated as taxable because it was not consideration for transfer of the agricultural land itself. No addition under section 115JB was warranted on the facts. Case-Laws Income Tax Tue, 15 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280281