Capital Gain on Agriculture Land of area not notified by Central Government

It is contended that land is located within 8 kms. within the municipal limits of Dasarahalli City Municipal Council, in the absence of any notification issued under cl. (b) to s. 2(14)(iii), it cannot be looked in as a capital asset. Capital gains were not therefore chargeable on sale of agricultural land. (A.Y. 2005‐ 2006)
CIT v. Madhukumar N. (HUF) (2012) 78 DTR 391/254 CTR 564(Karn.)(High Court)