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2011 (8) TMI 556 - AT - Income TaxCapital Gain on sale of Agriculture Land - Land within 8 Km from the local limit of municipality - Held That:- the present case, admittedly, the agricultural land of the assessee is outside the Municipal Limits of Rajarhat Municipality and that also 2.5 KM away from the outer limits of the said Municipality, assessee's land does not come within the purview of section 2(14)(iii) either under sub clause (a) or (b) of the Act, hence the same cannot be considered as capital asset within the meaning of this section. Decided in favour of assessee.
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