https://www.taxtmi.com/caselaws?id=19757 The Tribunal determined that the lands sold were agricultural based on evidence like revenue records and cultivation status. The court held that lands within a panchayat cannot be excluded as capital assets under section 2(14) of the Income-tax Act, as the exclusion applies to lands within municipalities. Consequently, the tax case petition was dismissed, and no costs were awarded. en-us Tue, 18 Aug 1992 00:00:00 +0530 Mon, 09 Nov 2009 14:14:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19757 The Tribunal determined that the lands sold were agricultural based on evidence like revenue records and cultivation status. The court held that lands within a panchayat cannot be excluded as capital assets under section 2(14) of the Income-tax Act, as the exclusion applies to lands within municipalities. Consequently, the tax case petition was dismissed, and no costs were awarded. Case-Laws Income Tax Tue, 18 Aug 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19757