https://www.taxtmi.com/caselaws?id=18680 Agricultural land in India used for agricultural purposes is excluded from the definition of "capital asset" under section 2(14)(iii) of the Income-tax Act, 1961, so capital gains tax does not arise on that basis. The court noted that the record showed agricultural use of the land and that agricultural income from it was undisputed. On those facts, the statutory exclusion applied, and the Revenue could not show any infirmity in the Tribunal's view. en-us Wed, 22 Nov 1995 00:00:00 +0530 Sat, 31 Oct 2009 13:05:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18680 Agricultural land in India used for agricultural purposes is excluded from the definition of "capital asset" under section 2(14)(iii) of the Income-tax Act, 1961, so capital gains tax does not arise on that basis. The court noted that the record showed agricultural use of the land and that agricultural income from it was undisputed. On those facts, the statutory exclusion applied, and the Revenue could not show any infirmity in the Tribunal's view. Case-Laws Income Tax Wed, 22 Nov 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18680