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2017 (12) TMI 741 - AT - Income TaxNature of land - agricultural land - scope of definition of the capital assets u/s 2(14) - Distance from municipal limit - Held that:- The agricultural land situated at such a distance, as the Central Government may prescribe by notification, having regard to the extent and scope of urbanization of that area and other relevant consideration, specify in this behalf. Admittedly, as per notification, the specified distance is 5 Kms and above, so far as the distance of land of the assessee from the concerned municipal limit is concerned. The argument of the Ld. Counsel that each and every rural land is excluded from the scope of definition of the capital assets u/s 2(14) of the Act is not tenable. The reliance of the Ld. Counsel on the decision in the case of ‘DCIT Vs. Arijit Mitra’[2011 (8) TMI 556 - ITAT, KOLKATA] is also misplaced. We, therefore, do not find any infirmity in the order of CIT(A) while dismissing the appeal of the assessee. There is no merit in the appeal of the assessee and the appeal is accordingly dismissed.
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