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2013 (12) TMI 1102 - AT - Income TaxAcquisition of agricultural land – Transfer of capital asset or not – Held that:- The land in question is located beyond 8 kms of the municipal limits of the Jamnagar - The land was located beyond 19 kms from the centre of the city of Jamnagar - The records of the Revenue Department shows that the lands are described by the District Collector, Jamnagar as agricultural lands - There is no incriminating material in the possession of the Assessing Officer to hold that the land in question is capital asset within the meaning of section 2(14) – Decided against Revenue.
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