https://www.taxtmi.com/caselaws?id=393328 Agricultural land is excluded from the definition of capital asset only where the statutory conditions are read conjunctively: the land must be outside municipal or cantonment jurisdiction and the population criterion must also be satisfied. The text states that the village entered municipal corporation limits on 03.07.2009, but the decisive factual finding was that its population was 5,912, below the statutory threshold. On that basis, the land continued to qualify as agricultural land and was not treated as a capital asset under the Income-tax Act, 1961. en-us Tue, 04 Feb 2020 00:00:00 +0530 Wed, 19 Aug 2020 13:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393328 Agricultural land is excluded from the definition of capital asset only where the statutory conditions are read conjunctively: the land must be outside municipal or cantonment jurisdiction and the population criterion must also be satisfied. The text states that the village entered municipal corporation limits on 03.07.2009, but the decisive factual finding was that its population was 5,912, below the statutory threshold. On that basis, the land continued to qualify as agricultural land and was not treated as a capital asset under the Income-tax Act, 1961. Case-Laws Income Tax Tue, 04 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393328