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2017 (11) TMI 1651 - HC - Income TaxWhether an asset is capital asset u/s 2(14) and liable for capital gain tax - Held that:- Jaipur Municipality has been duly notified vide said notification dated 06/1/1994 and as on the date of said notification, the land in question was beyond 8 km from the municipal limit - on the daye of notification which is 06.01.1994, the municipal limit of Jaipur on Ajmer Road on which the assessee land is situated was up to ESI hospital - here assessee’s land is 16 km away from the ESI hospital - thus the land sold by the assessee is not a capital asset u/s 2(14) and no question of capital asset - Decided in favor of assessee.
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