https://www.taxtmi.com/caselaws?id=426010 Agricultural land retains its exclusion from "capital asset" treatment under Section 2(14) where the evidence shows continuing agricultural use, even after conversion for non-agricultural purposes. The controlling assessment depends on the land's actual condition, user and intended use on the totality of circumstances, not on conversion alone or mere potential for other development. Inclusion within a planning area such as BIAPAA does not by itself satisfy the statutory municipal-distance test; the relevant enquiry remains proximity to municipal limits. On that reasoning, agricultural character and the distance-based exception must be assessed on the factual record. en-us Fri, 22 Jul 2022 00:00:00 +0530 Mon, 16 Jan 2023 17:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426010 Agricultural land retains its exclusion from "capital asset" treatment under Section 2(14) where the evidence shows continuing agricultural use, even after conversion for non-agricultural purposes. The controlling assessment depends on the land's actual condition, user and intended use on the totality of circumstances, not on conversion alone or mere potential for other development. Inclusion within a planning area such as BIAPAA does not by itself satisfy the statutory municipal-distance test; the relevant enquiry remains proximity to municipal limits. On that reasoning, agricultural character and the distance-based exception must be assessed on the factual record. Case-Laws Income Tax Fri, 22 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426010