https://www.taxtmi.com/caselaws?id=797961 Agricultural land is excluded from capital-gains tax only when it is not a capital asset. Land acquired from an urban housing authority, without evidence of agricultural use since 1981 and situated near a railway station within municipal proximity, was treated as a capital asset; the resulting long-term capital gain was taxable in Assessment Year 2013-14. Where common funds are maintained and own funds exceed advances, advances are presumed to have been made from own funds rather than interest-bearing borrowings. Accordingly, no proportionate interest disallowance was warranted, while the capital-gains addition remained sustainable. en-us Tue, 25 Aug 2026 00:00:00 +0530 Mon, 31 Aug 2026 08:28:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797961 Agricultural land is excluded from capital-gains tax only when it is not a capital asset. Land acquired from an urban housing authority, without evidence of agricultural use since 1981 and situated near a railway station within municipal proximity, was treated as a capital asset; the resulting long-term capital gain was taxable in Assessment Year 2013-14. Where common funds are maintained and own funds exceed advances, advances are presumed to have been made from own funds rather than interest-bearing borrowings. Accordingly, no proportionate interest disallowance was warranted, while the capital-gains addition remained sustainable. Case-Laws Income Tax Tue, 25 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797961