TMI BlogAgricultural land in rural areas remains excluded from 'capital asset' definition u/s 2(14)(iii)(b) of the Act.In view of sub-clause (b) of section 2(14)(iii) of the Act even under the amended definition of expression 'capital asset', the agricultural land situated in rural areas continues to be excluded from that definition - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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