https://www.taxtmi.com/caselaws?id=22414 Capital gains arising from the acquisition of agricultural land were held taxable under the Income-tax Act because binding Kerala High Court precedent had already concluded that such gains attract tax. The later amendment to the definition of "capital asset" in section 2(14) by the Finance Act, 1989, was noted as reinforcing that position. The challenge to the levy therefore had no merit and was rejected, leaving the taxability of capital gains on acquisition of agricultural land confirmed on the basis of precedent and statutory definition. en-us Mon, 17 Dec 1990 00:00:00 +0530 Wed, 09 Dec 2009 18:37:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22414 Capital gains arising from the acquisition of agricultural land were held taxable under the Income-tax Act because binding Kerala High Court precedent had already concluded that such gains attract tax. The later amendment to the definition of "capital asset" in section 2(14) by the Finance Act, 1989, was noted as reinforcing that position. The challenge to the levy therefore had no merit and was rejected, leaving the taxability of capital gains on acquisition of agricultural land confirmed on the basis of precedent and statutory definition. Case-Laws Income Tax Mon, 17 Dec 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22414