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2011 (2) TMI 588 - HC - Income TaxTDS u/s 194L - Assessee in default - Agricultural land - appellant submitted that agricultural land was not covered by definition of capital asset under section 2(14) of the Act and thus compensation for acquisition thereof was not capital gain taxable under the Act. Reliance has been placed on judgment of this Court in Risal Singh v. Union of India [2010 -TMI - 75720 - PUNJAB AND HARYANA HIGH COURT] - It is submitted if there was no taxability the appellant could not be treated as assessee in default - The Assessing Officer, CIT(A) as well as the Tribunal have failed to go into this question and assumed the agricultural land to be capital asset only on the ground that same was acquired for the purpose of urban estate which ignores the statutory definition under section 2(14) - matter remanded back for fresh decision - Decided in favour of assessee.
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