The land in Egathur and Navalur villages was situated beyond eight kilometres from the municipality, and this fact was not disputed. The Court held that the expression “Municipality” in section 2(14) refers to a local body such as a Municipality, Municipal Corporation, Notified Area Committee, Town Area Committee or Town Committee. Since the land was situated beyond the prescribed distance from the municipality, the Tribunal was justified in holding that the lands were agricultural lands and were not capital assets.(AY. 2006-07)