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2018 (3) TMI 1194 - AT - Income TaxProfit from sale of agricultural land - According to the AO this agricultural land is within 8 Km limit of the local limits of the municipality and, therefore, it will not be treated as capital asset - CIT(A) deleting the addition of short term capital gain - Held that:- We find that the Revenue now before us could not controvert the finding of the learned CIT(A) as held since the above issue is squarely covered in favour of the appellant by various judicial pronouncements it is held that the distance of 8 Km has to be measured through nearest approach road method. Since evidences have already been submitted by the appellant before the Ld.AO to establish that the property in question is situated beyond 8 Kms. from the city municipal limits as measured by approach road method, and since no contrary evidence has been brought on record, it is held that the said agricultural land is not a capital asset as it is situated beyond 8 Km from the Nagpur city corporation limit - Decided against revenue. Deemed rent u/s 23(4) in relation to two houses - ALV determination - Held that:- We find that the Assessing Officer has rightly assessed the ALV of the other two house properties and now before us, learned counsel for the assessee could not controvert the observations of the Assessing Officer because it is as per provisions of Section 23(4) of the Act. Accordingly, we uphold the addition and reverse the findings of the learned CIT(A). This issue of Revenue’s appeal is allowed.
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