https://www.taxtmi.com/caselaws?id=285207 Agricultural land situated beyond the prescribed municipal distance was treated as outside the definition of a capital asset under section 2(14)(iii) because its agricultural character was not shown to have been lost and no effective conversion of land use was established. The text also notes that possession was handed over under the sale arrangement, engaging transfer by part performance under section 2(47)(v) read with section 53A of the Transfer of Property Act, but the absence of any effective conversion meant section 45 did not apply. On these facts, the capital gains addition was unsustainable. en-us Tue, 17 May 2016 00:00:00 +0530 Tue, 09 Aug 2022 16:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285207 Agricultural land situated beyond the prescribed municipal distance was treated as outside the definition of a capital asset under section 2(14)(iii) because its agricultural character was not shown to have been lost and no effective conversion of land use was established. The text also notes that possession was handed over under the sale arrangement, engaging transfer by part performance under section 2(47)(v) read with section 53A of the Transfer of Property Act, but the absence of any effective conversion meant section 45 did not apply. On these facts, the capital gains addition was unsustainable. Case-Laws Income Tax Tue, 17 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285207