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2018 (11) TMI 1337 - HC - Income TaxTreating sale of agriculture land as long term capital gain tax - capital asset u/s 2(14) - municipal limits demarcations - Held that:- According to notification of the Central Government, the agricultural land situated beyond 5 kms of the municipal limits was liable to be excluded from the definition of capital asset chargeable to tax. On that basis, the Assessing Officer came to the conclusion that the land of the assessee was not an agricultural land, rather urban land in nature. Even the argument of the assessee that any kind of rural land is excluded from the scope of definition of the capital asset under Section 2(14) does not hold water in the light of the notification issued by the Central Government as the provision itself empowers the Central Government to prescribe the agricultural land situated at such a distance, having regard to the extent, and scope of urbanization of that area and other relevant consideration and, therefore, it is apparent that the land of the appellant falls within 5 kms of the municipal limits which included in the definition of capital assets chargeable to tax. The said findings were affirmed by CIT(A) and the Tribunal. No illegality or perversity could be pointed out by the learned counsel for the appellant in the concurrent findings of fact recorded by the authorities below. - Decided against assessee. Allowance of exemption u/s 54F - entertainment to claim made at this point - Held that:- In the present case, the assessee having lost before the Assessing Officer, CIT(A), and the Tribunal has now sought to raise an issue that the assessee would be entitled to benefit of provisions of Section 54F of the Act as there was an investment made in the residential house. A perusal of the order of the Assessing Officer, CIT(A) and the Tribunal clearly shows that no such claim was ever made and no facts relating to this issue had been pleaded, proved or established before any of the authorities below. There is no material on record on the basis of which the claim of the assessee under Section 54F of the Act can be entertained, at this stage.- Decided against assessee.
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