https://www.taxtmi.com/caselaws?id=467392 Agricultural land located within the jurisdiction of a municipality, municipal corporation, notified area committee, town area committee, town committee, or cantonment board with the prescribed population is treated as a capital asset under Section 2(14)(iii)(a) of the Income-tax Act, because the statutory municipal-area test is satisfied and the land does not retain a separate village character for tax purposes. On acquisition under the Requisitioning and Acquisition of Immovable Property Act, 1952, title vests in the Central Government on publication of the notification, not on the earlier administrative order, and that notification date governs the timing of capital gains consequences. en-us Wed, 28 Aug 1991 00:00:00 +0530 Tue, 17 Mar 2026 12:23:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=467392 Agricultural land located within the jurisdiction of a municipality, municipal corporation, notified area committee, town area committee, town committee, or cantonment board with the prescribed population is treated as a capital asset under Section 2(14)(iii)(a) of the Income-tax Act, because the statutory municipal-area test is satisfied and the land does not retain a separate village character for tax purposes. On acquisition under the Requisitioning and Acquisition of Immovable Property Act, 1952, title vests in the Central Government on publication of the notification, not on the earlier administrative order, and that notification date governs the timing of capital gains consequences. Case-Laws Indian Laws Wed, 28 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=467392