https://www.taxtmi.com/caselaws?id=799692 Agricultural land within a municipality meeting the prescribed population condition is treated as a capital asset; aerial-distance criteria apply only to land outside municipal limits. Classification must rest on underlying municipal records, notifications or maps establishing jurisdiction on the transfer date, rather than an unverified report. Where the land qualifies as a capital asset, an alternative claim for capital-gains exemption for reinvestment in agricultural land may be raised in appellate proceedings despite not being made earlier. Relief remains conditional on evidence of prescribed prior agricultural use and timely purchase of replacement agricultural land. en-us Wed, 16 Sep 2026 00:00:00 +0530 Fri, 25 Sep 2026 08:16:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799692 Agricultural land within a municipality meeting the prescribed population condition is treated as a capital asset; aerial-distance criteria apply only to land outside municipal limits. Classification must rest on underlying municipal records, notifications or maps establishing jurisdiction on the transfer date, rather than an unverified report. Where the land qualifies as a capital asset, an alternative claim for capital-gains exemption for reinvestment in agricultural land may be raised in appellate proceedings despite not being made earlier. Relief remains conditional on evidence of prescribed prior agricultural use and timely purchase of replacement agricultural land. Case-Laws Income Tax Wed, 16 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799692