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2012 (8) TMI 766 - AT - Income TaxCapital assets u/s 2(14) - assessability of capital gains on sale of land situated at Rajendra Nagar Mandal, within municipal limits of Rajendra Nagar – assesee contended that Rajendra Municipality is not notified by the Central Government and therefore land cannot be considered as capital asset u/s 2(14) - Held that:- Issue is covered by decision in case of Ghousia Begum and others (2011 (11) TMI 475 - ITAT HYDERABAD) wherein it has been held that impugned land is in fact urban land akin to the Hyderabad Municipality situated within 8 KM from the local limits of Hyderabad Municipal Corporation, liable for tax on capital gains irrespective of the fact whether it falls under the limits of Rajendra Nagar Mandal or otherwise. Further, mere fact that the land in question was agricultural land cannot be a ground to claim for exemption u/s 2(14) as the land is situated within the local limits of Hyderabad Municipal Corporation, and consequently, tax leviable u/s 45. Order of CIT(A) set aside and matter restored to file of CIT(A) – Decided against assessee-
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