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2015 (11) TMI 951 - AT - Wealth-taxLands pertaining to the assessee - whether are capital assets u/s 2(14) of the Income Tax Act? - whether the lands were capital assets in terms of the distance from the municipality and also the nature of the land and the activities carried on by the assessee on the said land? - Held that:- Since the Tribunal, in the assessee’s own case in income-tax proceedings with regard to the same subject matter, has taken the stand and held the land to be agricultural land and the definition of ‘capital asset’ in the Income-tax Act is similar to the definition of ‘urban land’ under the Wealth-tax Act, we respectfully follow the order of the co-ordinate bench of the Tribunal and hold the said land to be not urban land exigible to capital gains tax. Since we have held the land to be not ‘urban land’ and not exigible to wealth-tax, the issue of valuation of capital asset becomes academic and therefore is not adjudicated at this stage.
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