https://www.taxtmi.com/caselaws?id=790486 Land recorded as agricultural land and situated beyond 8 kilometres from municipal limits was excluded from the definition of capital asset under section 2(14)(iii)(b) of the Income-tax Act, 1961, so no capital gains tax arose on its transfer. Doubts about the extent of actual agricultural activity, or the absence of proof of agricultural income, did not alter the land's character where the revenue record and local enquiry supported its agricultural nature. Speculation about the purchaser's intended future use was irrelevant to the land's status in the assessee's hands. The addition towards capital gains was deleted. en-us Thu, 23 Apr 2026 00:00:00 +0530 Sat, 25 Apr 2026 08:51:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790486 Land recorded as agricultural land and situated beyond 8 kilometres from municipal limits was excluded from the definition of capital asset under section 2(14)(iii)(b) of the Income-tax Act, 1961, so no capital gains tax arose on its transfer. Doubts about the extent of actual agricultural activity, or the absence of proof of agricultural income, did not alter the land's character where the revenue record and local enquiry supported its agricultural nature. Speculation about the purchaser's intended future use was irrelevant to the land's status in the assessee's hands. The addition towards capital gains was deleted. Case-Laws Income Tax Thu, 23 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790486