https://www.taxtmi.com/caselaws?id=788123 Agricultural land situated beyond municipal limits and in a green zone was treated as excluded from the definition of capital asset under section 2(14) of the Income-tax Act, 1961. On that basis, the Tribunal held that section 56(2)(vii)(b) could not be invoked to tax the purchase consideration, especially where local authority certificates and revenue records supported the agricultural character of the land and the Revenue did not rebut them. The addition was therefore held unsustainable and directed to be deleted. en-us Fri, 13 Mar 2026 00:00:00 +0530 Tue, 17 Mar 2026 08:23:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788123 Agricultural land situated beyond municipal limits and in a green zone was treated as excluded from the definition of capital asset under section 2(14) of the Income-tax Act, 1961. On that basis, the Tribunal held that section 56(2)(vii)(b) could not be invoked to tax the purchase consideration, especially where local authority certificates and revenue records supported the agricultural character of the land and the Revenue did not rebut them. The addition was therefore held unsustainable and directed to be deleted. Case-Laws Income Tax Fri, 13 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788123