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2018 (7) TMI 217 - AT - Income TaxCapital gain on sale of land - Treatment of land as capital asset - assessee has sold an immovable property being agricultural land - land situated beyond 8 Kms. of Municipal limits - Held that:- The land in question is agricultural land situated beyond 8 Kms. of Municipal limits, therefore, the transactions of sale in land by the appellant cannot be regarded as capital asset within the meaning of sec. 2(14) of the Act. Transaction of sale of land in question is held to be not liable for charging of capital gains. - Decided in favour of assessee. Deduction u/s. 54B - Assessing Officer has denied the same on the ground that the sale deed has not been produced - Held that:- Commissioner of Income Tax (Appeals) has given a finding that there is a proper agreement and the consideration has duly been made. This is not been disputed by the Revenue and, accordingly, we uphold the order of the ld. Commissioner of Income Tax (Appeals) on this issue also - Decided in favour of assessee.
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