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2010 (4) TMI 717 - AT - Income TaxAgricultural land or Capital asset - learned DR submitted that the land sold by the assessee is a capital asset therefore the surplus realized by the assessee on sale of land is assessable as capital gain - According to the assessee counsel 8km radius of the Municipal Corporation of Hyderabad cannot be extended to another Revenue District or Mandal - Referring to the decision of the Amristar Bench in DCIT Vs. Capital Local Area Bank Ltd. (2009 -TMI - 72013 - ITAT AMRITSAR) - Since Rajendra Nagar Municipality is not admittedly notified by the Central Government, the agricultural land in question cannot be treated as capital asset by taking the distance from the limits of Hyderabad Municipality - Accordingly the appeal of the assessee is allowed
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