Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2010 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (11) TMI 440 - AT - Income TaxAddition - Capital asset as defined in s. 2(14) - As per the Circular Nos. SO-10 and SO-1302 issued by the Central Government which has also been verified by the AO the municipal limit in the case of Samalkha is the area upto a distance of 5 kms. from the municipal limit in all directions - As per the circular mentioned above the area outside a distance of 5 kms. from the municipal limit will not be taken within the meaning of capital asset as defined in s. 2(14) of the IT Act. The AO has nowhere brought on record that the land is within 5 kms. from the municipal limit - The report of the Tehsildar dt. 24th Feb., 2006 clearly mentioned that the land was situated approx. 6.5 kms. from the municipal limit of Tehsil Samalkha - The AO did not controvert this fact and has not brought on record any material that the land is within 5 kms. from municipal limit - Thus, the appeal filed by the Revenue is dismissed.
|