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2011 (3) TMI 695 - HC - Income TaxCapital asset - Agricultural land - It is undisputed that the land in question is within the specified distance from Panchkula municipality which falls in the State of Haryana while land is in the State of Punjab - If the land is adjacent to a municipality and is urban land covered under Section 2(14), even if municipality and the land fall in different States, the land will continue to be urban land - The judgments relied upon to submit that all words of a statute should be assigned meaning do not support the contention of the assessee, Including the land in dispute in 'capital asset' does not ignore any word in the definition as assumed by learned counsel - Decided against the assessee
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