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2021 (4) TMI 1156 - AT - Income TaxCapital gain on sale of land - nature of land sold - treatment to assessee’s land sold as a capital asset - HELD THAT:- No merit to accept the foregoing Revenue’s argument as the amended Section 2(14) Explanation (iii) clause(b) reads ‘as the Central Government may having regard to the extent and scope for, urbanization of’ that area and other relevant consideration, specify in this behalf notification in the official gazette’. It therefore emerges that once the amendment to the above statutory provision came vide Finance Act, 2013 w.e.f. 01-04-2014 the assessee’s case would continue to be governed by the earlier un-amended provisions as we are in AY.2011-12. This is also not the Revenue’s stand that assessee’s land(s) deserved to be treated as a capital asset as per the unamended proviso since covered by any notification issued in this behalf from the Central Government. I therefore direct the Assessing Officer to delete the impugned long term capital gain addition on this count alone.
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