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2012 (12) TMI 280 - AT - Income TaxCapital gains - transfer of agriculture land - alleged that the land sold was located within a distance of eight kilometers from the limits of the Hyderabad Municipal Corporation and, therefore, was a capital asset within the meaning of section 2(14) of the IT Act – Held that:- Mere fact that the land in question was agricultural land cannot be a ground to claim for exemption under section 2(14) of the Act as the land is situated within the local limits of Hyderabad Municipal Corporation - land transferred by the assessee is a capital asset, liable for capital gain – in favor of revenue. Decision in the case of Gousia Begum [2011 (11) TMI 475 - ITAT HYDERABAD] followed.
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