Agricultural Land Taxable as Capital Asset as It Fell Within Statutory Distance from Municipality

Advertisement Narayanan Sundaramahalingam Rajkumar Vs ACIT (ITAT Chennai) ITAT: Agricultural land falls within the ambit of a capital asset under section 2(14)(iii) upon fulfilment of the prescribed population and distance criteria The ITAT Chennai partly allowed the assessee’s appeal concerning taxation of gains arising from the sale of agricultural land and alleged undisclosed cash consideration. The Tribunal held that agricultural land situated within the prescribed distance from a municipality having the requisite population falls within the definition of a capital asset under section...