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2019 (5) TMI 854 - AT - Income TaxLong term capital gain - Nature of land sold - agricultural land or capital asset - no object in the Memorandum & Articles of Association to purchase agricultural land and to do farming etc - not undertaken any agricultural activities - HELD THAT:- Perusal of the map annexed by the retired/reemployed official Jugal Kishore, the distance is 7.8 Kms. plus 50 meters and the distance of road and arerial road is almost in a straight line. Taking into consideration we are inclined to accept the claim of the assessee that the land in question is situated beyond 8 kms. from the municipal limits of Jodhpur Nagar Nigam and, since the land being agricultural property, consequently the sale consideration is exempt from LTCG. Therefore, the appeal of assessee is allowed.
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