https://www.taxtmi.com/caselaws?id=465045 Agricultural land retaining its agricultural character, with no conversion to non-agricultural use and situated about 9 kms from the municipal limits, fell outside the definition of "capital asset" under section 2(14) of the Income-tax Act, 1961. The Tribunal accepted the land records, Tahsildar's certificate and sale agreement as showing continued agricultural use, and held that the purchaser's intended use did not change the character of the land for capital gains purposes. Because the Revenue brought no fresh material and had accepted the same position in another year, the addition towards capital gains was deleted and the Revenue's challenge failed. en-us Wed, 31 Jul 2024 00:00:00 +0530 Tue, 02 Dec 2025 21:24:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465045 Agricultural land retaining its agricultural character, with no conversion to non-agricultural use and situated about 9 kms from the municipal limits, fell outside the definition of "capital asset" under section 2(14) of the Income-tax Act, 1961. The Tribunal accepted the land records, Tahsildar's certificate and sale agreement as showing continued agricultural use, and held that the purchaser's intended use did not change the character of the land for capital gains purposes. Because the Revenue brought no fresh material and had accepted the same position in another year, the addition towards capital gains was deleted and the Revenue's challenge failed. Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465045