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2003 (5) TMI 33 - DELHI HIGH COURTCapital gain arising on transfer of agricultural land – taxability - "Whether on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the provisions of section 2(14)(iii)(a) of the Income-tax Act, 1961, are not applicable to the rural area of Union Territory of Delhi?" - whether the lands in rural areas of Union Territory of Delhi constitute capital asset within the meaning of section 2(14)(iii)(a) of the Act and exigible to capital gain tax on its transfer - held that section 2(14)(iii)(a) is applicable to rural areas of Union Territory of Delhi and capital gain arising on transfer of such agricultural land is chargeable to tax – Question is answered in favaour of Revenue
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