Land located beyond 8 km from village panchayat isn't a capital asset; profit derived from its sales

IT : Where assessee claimed that during previous year he in terms of an agreement entered with a promoter of land had sold his agricultural land and said land was situated at a distance of more than eight kilometres from nearest panchayat, profit derived on sale of land was not liable to capital gain tax, because land was not a capital asset by virtue of section 2(14)(iii)