https://www.taxtmi.com/caselaws?id=21135 Agricultural land remained outside the definition of "capital asset" because it did not fall within the statutory categories in section 2(14)(iii), namely land within municipal limits or within the notified distance from those limits. The relevant notification did not include Puri town, and the land retained its agricultural character. On that basis, the consideration received on acquisition was not chargeable to capital gains tax, and the reference was answered in favour of the assessee. en-us Tue, 05 Jan 1993 00:00:00 +0530 Fri, 20 Nov 2009 12:38:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21135 Agricultural land remained outside the definition of "capital asset" because it did not fall within the statutory categories in section 2(14)(iii), namely land within municipal limits or within the notified distance from those limits. The relevant notification did not include Puri town, and the land retained its agricultural character. On that basis, the consideration received on acquisition was not chargeable to capital gains tax, and the reference was answered in favour of the assessee. Case-Laws Income Tax Tue, 05 Jan 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21135