https://www.taxtmi.com/caselaws?id=26398 Agricultural land sold before the issuance of a notification under section 2(14)(iii)(b) could not be treated as a capital asset merely because it lay within eight kilometres of municipal limits. The statutory definition applies only where the Central Government has already specified the relevant area in the Official Gazette, having regard to urbanisation and related factors, on the date the transfer is completed. Because the notification was issued later, it had no retrospective effect on the completed sale. The surplus from the sale was therefore not chargeable to capital gains tax. en-us Fri, 19 Jun 1981 00:00:00 +0530 Thu, 04 Feb 2010 17:16:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26398 Agricultural land sold before the issuance of a notification under section 2(14)(iii)(b) could not be treated as a capital asset merely because it lay within eight kilometres of municipal limits. The statutory definition applies only where the Central Government has already specified the relevant area in the Official Gazette, having regard to urbanisation and related factors, on the date the transfer is completed. Because the notification was issued later, it had no retrospective effect on the completed sale. The surplus from the sale was therefore not chargeable to capital gains tax. Case-Laws Income Tax Fri, 19 Jun 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26398