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2014 (2) TMI 733 - AT - Income TaxDeletion made under the head LTCG – Income from sale of land - agriculture land – Exemption u/s 10(37) of the Act allowed – Held that:- The Tribunal was therefore justified in holding that distance of 2 kms from the municipal limits of city of Khanna has to be reckoned for the purposes of s. 2(14)(iii) by measuring the same as per the road distance and not as per straight line distance on a horizontal plane or as per crow’s flight – Relying upon Laukik Developers v. Dy. CIT [2006 (7) TMI 534 - ITAT MUMBAI] - the report of the Tehsildar having certified that the assessee’s land was 8 kms away from the municipal limit, the land constituted agricultural land entitling the assessee to exemption u/s 54B of the Act. Capital Asset u/a 2(14) of the Act – Held that:- The revenue record issued by Tehsildar is more authentic document in which it has been clearly mentioned that various crops were grown by the assessee which is further supported by an affidavit of the assessee which has not been found untrue - No evidence has been brought on record by the Assessing Officer evidencing that no crops were grown by the assessee - If any suspicion crept into the mind of the Assessing Officer, nothing prevented him to get the report from Sarpanch, neibours of the impugned land or the revenue Patwari but that was not done by him - The conclusion drawn in the order clearly indicates that the impugned land is situated clearly beyond 8 kms from the municipality - the land would not fall within the definition of capital asset as mentioned in sec. 2(14) of the Act – Decided against Revenue.
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