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2016 (4) TMI 946 - AT - Income TaxCapital gain U/s 45 - sale of agricultural land - municipal limit - whether land transaction was found within 8 km from the municipal limit. Therefore, it is a capital asset as per section 2(14)(iii)(b)? - Held that:- This issue has been considered by the Coordinate Bench in the case of Dr. Subha Tripathi [2013 (10) TMI 594 - ITAT CHANDIGARH ] wherein held that the 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 exist on that point of time. In the case of assessee, on the date of this notification dated 6th January, 1994, the municipal limit of Jaipur on Ajmer Road on which the assessee land is situated was up to ESI hospital. The ld AR placed the evidence in paper book at sl. no. 91. The assessee’s land is 16 km away from the ESI hospital. These facts has not been controverted by the ld DR. Being a precedence, we respectfully following the order of the Coordinate Bench and held that land sold by the assessee is not a capital asset U/s 2(14) of the Act. Thus, capital gain does not arise. - Decided in favour of assessee
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