https://www.taxtmi.com/caselaws?id=19507 Capital gains from the transfer of agricultural land situated in specified urban areas are not protected as agricultural income once the retrospective Explanation inserted in section 2(1A) is applied. Agricultural income under section 2(1A) and capital asset treatment under section 2(14) are distinct, and the amendment clarifies that revenue from land does not cover gains arising on transfer of land falling within section 2(14)(iii)(a) and (b). On that basis, such transfer is liable to capital gains tax, and reliance on the earlier Bombay High Court view to cancel penalty was unsustainable. en-us Wed, 13 Jul 1994 00:00:00 +0530 Fri, 06 Nov 2009 16:23:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19507 Capital gains from the transfer of agricultural land situated in specified urban areas are not protected as agricultural income once the retrospective Explanation inserted in section 2(1A) is applied. Agricultural income under section 2(1A) and capital asset treatment under section 2(14) are distinct, and the amendment clarifies that revenue from land does not cover gains arising on transfer of land falling within section 2(14)(iii)(a) and (b). On that basis, such transfer is liable to capital gains tax, and reliance on the earlier Bombay High Court view to cancel penalty was unsustainable. Case-Laws Income Tax Wed, 13 Jul 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19507