CBDT Circular on Section 2(1A), read with section 2(14)(iii), of the income-tax act, 1961 – agricultural land – measurement of distance for purpose of section 2(14)(iii)(b) for period prior to assessment year 2014-15

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SECTION 2(1A), READ WITH SECTION 2(14)(iii), OF THE INCOME-TAX ACT, 1961 – AGRICULTURAL LAND – MEASUREMENT OF DISTANCE FOR PURPOSE OF SECTION 2(14)(iii)(b) FOR PERIOD PRIOR TO ASSESSMENT YEAR 2014-15 CIRCULAR NO.17/2015 [F.NO.279/MISC./140/2015-ITJ], DATED 6-10-2015 “Agricultural Land” is excluded from the definition of capital asset as per section 2(14)(iii) of the Income-tax Act based, inter alia on its…

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