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2012 (4) TMI 627 - ITAT DELHI
Nature of land sold - location of the property - agricultural lands - capital gains - Held that:- The land in question at the time of sale by the assessees was "agricultural land" within the meaning of Section 2 (14) (iii), therefore, it was not "capital asset" u/s 2 (14). No capital gain is chargeable on sale of such land by the assessees.