https://www.taxtmi.com/caselaws?id=799510 Agricultural land's capital-asset status must be determined by measuring its distance from municipal boundaries in force on the transfer date; a certificate based on superseded boundaries is insufficient. The land's taxability consequently requires fresh determination on admissible evidence. Reassessment may proceed where property-sale information, non-filing of a return and an unsubstantiated exemption claim create a prima facie basis that income escaped assessment; prior approval is valid where recorded reasons receive due consideration. Indexed acquisition cost for inherited land and residential-investment exemption require evidence and verification of statutory conditions, with the taxpayer bearing the burden of proof. en-us Tue, 01 Sep 2026 00:00:00 +0530 Wed, 23 Sep 2026 08:48:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799510 Agricultural land's capital-asset status must be determined by measuring its distance from municipal boundaries in force on the transfer date; a certificate based on superseded boundaries is insufficient. The land's taxability consequently requires fresh determination on admissible evidence. Reassessment may proceed where property-sale information, non-filing of a return and an unsubstantiated exemption claim create a prima facie basis that income escaped assessment; prior approval is valid where recorded reasons receive due consideration. Indexed acquisition cost for inherited land and residential-investment exemption require evidence and verification of statutory conditions, with the taxpayer bearing the burden of proof. Case-Laws Income Tax Tue, 01 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799510