https://www.taxtmi.com/caselaws?id=382009 Agricultural land falls outside the definition of capital asset under section 2(14)(iii) if, for periods before assessment year 2014-15, it is situated beyond the prescribed municipal limit measured by the shortest road distance, not aerially. The Finance Act, 2013 distance amendment applies prospectively, and the relevant municipal limits are governed by the applicable Central Government notification. On the facts recorded, the land was treated as agricultural land and a village revenue certificate was accepted as competent evidence of location, so the transfer did not give rise to taxable capital gains. en-us Thu, 20 Jun 2019 00:00:00 +0530 Mon, 24 Jun 2019 07:34:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382009 Agricultural land falls outside the definition of capital asset under section 2(14)(iii) if, for periods before assessment year 2014-15, it is situated beyond the prescribed municipal limit measured by the shortest road distance, not aerially. The Finance Act, 2013 distance amendment applies prospectively, and the relevant municipal limits are governed by the applicable Central Government notification. On the facts recorded, the land was treated as agricultural land and a village revenue certificate was accepted as competent evidence of location, so the transfer did not give rise to taxable capital gains. Case-Laws Income Tax Thu, 20 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382009