https://www.taxtmi.com/caselaws?id=27398 The court ruled in favor of the petitioners, holding that capital gains tax does not apply to the sale of agricultural lands used for agricultural purposes, even if notified under specific provisions of the Income Tax Act, 1961. The court interpreted the definition of "capital asset" and relied on previous case law to exclude such lands from capital gains tax liability. This decision provides clarity on the tax treatment of agricultural lands and establishes a precedent for similar cases, emphasizing the exemption of agricultural lands from capital gains tax. en-us Sat, 19 Nov 1983 00:00:00 +0530 Fri, 12 Feb 2010 15:21:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27398 The court ruled in favor of the petitioners, holding that capital gains tax does not apply to the sale of agricultural lands used for agricultural purposes, even if notified under specific provisions of the Income Tax Act, 1961. The court interpreted the definition of "capital asset" and relied on previous case law to exclude such lands from capital gains tax liability. This decision provides clarity on the tax treatment of agricultural lands and establishes a precedent for similar cases, emphasizing the exemption of agricultural lands from capital gains tax. Case-Laws Income Tax Sat, 19 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27398