https://www.taxtmi.com/caselaws?id=793436 Agricultural land remains outside the definition of "capital asset" under section 2(14)(iii) where the statutory geographical and municipal criteria show it to be rural agricultural land. Actual agricultural income or intensive personal cultivation is not a under that provision, and their absence does not by itself convert the land into a taxable capital asset. Revenue records, 7/12 extracts, non-conversion to non-agricultural use, location beyond municipal limits, and contemporaneous cultivation entries are relevant in determining character. On those principles, the transfer was treated as outside capital gains tax. en-us Wed, 27 May 2026 00:00:00 +0530 Tue, 16 Jun 2026 08:32:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793436 Agricultural land remains outside the definition of "capital asset" under section 2(14)(iii) where the statutory geographical and municipal criteria show it to be rural agricultural land. Actual agricultural income or intensive personal cultivation is not a under that provision, and their absence does not by itself convert the land into a taxable capital asset. Revenue records, 7/12 extracts, non-conversion to non-agricultural use, location beyond municipal limits, and contemporaneous cultivation entries are relevant in determining character. On those principles, the transfer was treated as outside capital gains tax. Case-Laws Income Tax Wed, 27 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793436