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2014 (6) TMI 261 - HC - Income TaxCapital asset as per section 2(14)(iii)(a) of the Act or not - Jurisdiction of Mangwal village Gram Panchayat – Held that:- If the agricultural land is situated outside the jurisdiction of a municipality, then no tax on any profits or gains arising from the transfer of such land will be chargeable under the head “capital gains” - under clause (b) any area within 8 kms from the local limits of any Municipality or Cantonment referred in Clause (a) or within such area as the Central Government may specify by way of a notification having regard to the extent and scope of urbanisation of that area would be within the ambit of capital asset. At no point of time the assessee had disputed that the land in question did not fall within the area of 5 kms from municipal limits of Sangrur - CIT(A) has also mentioned that the land is situated within 5 kms of Sangrur Municipal Committee - Section 2(14)(iii)(b) makes it clear that areas upto distance of 5 kms from municipal limits of Sangrur in all directions falls within the local limits of Sangrur municipality - there was no denial of the fact that the land falls within 5 kms of Sangrur Municipal Committee, CIT(A) as well as the Tribunal fell into error while ordering the deletion – Decided in favour of Revenue.
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